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Lot 5
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Electric House, Lloyds Avenue, Ipswich, Suffolk, IP1 3HT

Sold for £370,000
Freehold landmark Investment... 14 Flats & offices yielding over 10% at low guide

Property Details

Description

This must be one of Ipswich’s most prominent landmark buildings. Situated adjacent to the Sailmaker shopping complex, Crown Pools leisure facility and municipal bus service hub on the main arterial route through the town. The building is steeped in modern-day history and has recently been the subject of a multi-million-pound refurbishment / redevelopment project. The Lot comprises the freehold interest in the entire building, made up of 14 apartments sold on 150-year leases from 2017, together with the tenanted retail/office on the ground floor. Some of the basement has been allocated for bike storage although much of it is un-utilised. When the retail space becomes vacant, we consider there will be an opportunity of further residential development (STP), while still retaining a commercial frontage.

Key Features

  • LANDMARK BUILDING
  • FREEHOLD INVESTMENT
  • 10%+ YIELD
  • DEVELOPMENT POT.
  • IPSWICH TOWN CENTRE
  • VIDEO TOUR ONLINE
  • FULL PLANS ONLINE
Tenure

Freehold

EPC

C's & D's

Viewing

Strictly by appointment with the Auctioneers

Solicitors

Mrs Katie Lockwood
Birkett Long LLP
1 Amphora Place
Sheepen Road
Colchester
CO3 3WG

Current Yield.

Ground Rents - £1,750 pa
Ground Floor Lease - £34,000 pa

Location

Electric House, Lloyds Avenue, Ipswich, Suffolk, IP1 3HT

*Guide prices are provided as an indication of a vendor’s minimum expectation and the level at which the reserve is set. Properties may not always sell within this guide and this figure may change at any time prior to the auction. The sale price will be dependent upon bidding in the auction room and on the Vendors’ instructions.

Reserve Price Each property will be sold subject to a reserve price, which will be set within, or below, the guide price range or no more than 10% above a single figure guide. This is a confidential figure set between the Vendor and the Auctioneer and is a figure below which the Auctioneer cannot sell the property.

Additional Fees All buyers are liable to pay an Administration Charge of £720 inclusive of VAT. \rOther fees/disbursements may also apply, therefore before making a purchase, please refer to the Legal Pack and Special Conditions.