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Lot 11
12

Revetts House, 59-63 Norwich Road, Ipswich, Suffolk, IP1 2EP

Guide price Withdrawn*
Stunning landmark building... potential of over 12% on 4 shops and ground rents

Property Details

Description

This converted four-storey building is located on Norwich Road, one of the primary arterial roads leading to Ipswich town centre. The property includes 24 flats on the upper levels and four business units on the ground floor. The business Units 53 and 55 are open-plan with a shared disabled WC and are let on a 10-year lease at a rent of £19,000 pa. Units 61, currently vacant, and 63 are also open-plan with a shared disabled WC. Unit 63 is let on a new lease at a rent of £10,000 pa. The flats have been sold on long leases, and the ground rent income is currently £4,200 per annum which we understand is scheduled for an incremental increase at the end of 2020’s. Two external car parking spaces are let on an annual basis. Full details within the legal pack.

Key Features

  • Current – £34,200 pa
  • ERV – £44,200 pa
  • FREEHOLD INTEREST
  • CONVERTED CIRCA 2005
  • HIGH PROFILE BUILDING
  • 4X COMMERCIAL SHOPS
  • 24X GROUND RENTS
  • STRONG INVESTMENT
Tenure

Freehold

EPC

D

Viewing

By appointment with the Auctioneers

Solicitors

Mr Manjeet Chaggar
Carter Devile Solicitors
592 Green Lane
Ilford
Essex
IG3 9SG

Current Yield.

24x Ground Rents - £4,200 pa
2x Parking - £1,000 pa
53 - £9,500 pa
55 - £9,500 pa
61 - vacant
63 - £10,000 pa

Current - £34,200 pa
ERV - £44,200 pa

Location

Revetts House, 59-63 Norwich Road, Ipswich, Suffolk, IP1 2EP

*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 £1,200 inclusive of VAT. Other fees disbursements may also apply, therefore before making a purchase, please refer to the Legal Pack and Special Conditions.