£1,025,000

Retail premises for sale

  1. Property photo 1 of 3.
  2. Property photo 2 of 3.
  3. Property photo 3 of 3.

£1,025,000

(£174.65/sq. ft)

Retail premises for sale

23-25 Carr Street, Ipswich, Suffolk IP4

5,869 sq. ft

Local area information

Property location

Nearby amenities

  • St Margaret's Church of England Voluntary Aided Primary School, Ipswich 0.2 miles
  • St Helen's Primary School 0.3 miles
  • Ipswich 0.7 miles
  • Derby Road (Ipswich) 1.2 miles

These distances are calculated in a straight line. The actual route and distance may vary.

Features and description

  • Secured to tenant Specsavers until 2027. Rent roll of £82,700 per annum
  • High footfall, pedestrianised area
  • Attractive net initial yield of 7.63%
  • Convenient Ipswich town centre location
The property forms part of a parade that was reconfigured and substantially reconstructed in early 2000 to create 11 individual retail units of varying sizes, fronting Carr Street, in Ipswich town centre.

The unit is arranged over ground and first floor levels, benefitting from a fully-glazed prime shop frontage to Carr Street and canopy. It has been secured to Specsavers until 2027.

There are 113 car parking spaces nearby accessed via a ramp from Great Coleman Street.

Accommodation (all areas are approximate):

The unit comprises the following floor areas:

Ground Floor Sales: 2,570 sq ft
itza (units): 1,326
Ground Floor Ancillary: 1,777 sq ft
First Floor Ancillary: 1,522 sq ft
Total Area: 5,869 sq ft

Covenant Information:

Specsavers is a market-leading British multinational optical chain. In total, the group operates from more than 2,100 branches, mainly in the UK, Ireland, Norway, Sweden, Finland, Denmark, Netherlands, Spain, Australia, New Zealand and Canada. Most recently-published turnover for Specsavers: £2,738,227,000 / Pre-tax profit: £441,528,000 / Net worth: £1,046,824,000 (28/02/2021).

Tenancy:

The property is entirely let to Specsavers Optical Superstores Limited, on an Fri lease from 13th January 2012 until 12th January 2027 (offering 4.5 years unexpired term certain). The current passing rent is £82,700 per annum. The Landlord contributes to a small service charge, along with the other tenants situated within the parade. The current year's budget for 23-25 Carr Street is £8,019, which is fully recoverable from the occupational tenant.

Tenure:

The property is offered on a new 999-year long-leasehold interest, at a peppercorn rent.

Proposal:

We are instructed to seek offers pf £1,025,000, subject to contract and exclusive of VAT, for the long leasehold freehold interest. Allowing for tapered purchaser's costs, a purchase at this level would reflect an attractive 7.63% net initial yield.

EPC:

The unit has an EPC of a 'C' rating. A copy of the EPC can be provided upon request.

VAT:

VAT is applicable.

More information

Report this listing

Property descriptions and related information displayed on this page are marketing materials provided by - Penn Commercial. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Penn Commercial for full details and further information.

  1. Zoopla
  2. Commercial for sale
  3. Suffolk
  4. Ipswich
  5. Carr Street

© 2024 Zoopla Limited. All rights reserved.

Sold house prices provided by Land Registry/Registers of Scotland. © Crown copyright 2024. Our website is completely free for you to use but we may receive a commission from some of the companies we link to on the site.

Zoopla Limited is an appointed representative of Uswitch Limited which is authorised and regulated by the Financial Conduct Authority (FRN 312850) to provide the mortgage calculator tool and incorporated with company registration number 06074771 and registered office at The Cooperage, 5 Copper Row, London SE1 2LH. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850.

Zoopla.co.uk is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions. Zoopla.co.uk and Mojo Mortgages are part of the same group of companies. Zoopla may receive an introduction fee from Mojo Mortgages on completion of successful mortgage applications. This fee is based on a percentage of your loan amount. Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376) and is authorised and regulated by the Financial Conduct Authority and is on the Financial Services Register (478215). Mojo's registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.