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153 Princes Street, Ipswich, Suffolk, IP1 1QJ

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Sold

153 Princes Street, Ipswich, Suffolk, IP1 1QJ

Freehold

£5,220,000 / NIY 8.25%

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Property specification

  • Situated in the office core which has seen many offices converted to residential use, creating a low office supply
  • Modern offices on ground, first and second floors providing 3,116 sq m (35,312 sq ft) plus 77 on site car spaces
  • Well specified offices with raised floors, suspended ceilings with recessed LED lighting, recently installed comfort cooling and heating (2018)
  • Flexible accommodation for subdivision of each floor
  • Long leasehold interest expiring 2130 at a peppercorn rent
  • Entirely underlet to Suffolk Life Pensions Ltd (D&B rating 3A1) with a guarantee from Curtis Banks plc, on a new 10 year lease from completion without break
  • Passing rent of £459,000 per annum (£13.69 per sq ft overall), subject to an open market, upwards only, rent review in the 5th year
  • £5,220,000 / NIY 8.25%

Lease terms

We are instructed to seek offers in excess of £5,220,000 subject to contract and exclusive of VAT, which reflects an attractive net initial yield of 8.25% and a low capital value of £148 per sq ft.

Location

We are instructed to seek offers in excess of £5,220,000 subject to contract and exclusive of VAT, which reflects an attractive net initial yield of 8.25% and a low capital value of £148 per sq ft.

Location

We are instructed to seek offers in excess of £5,220,000 subject to contract and exclusive of VAT, which reflects an attractive net initial yield of 8.25% and a low capital value of £148 per sq ft.

Train Stations
  • Ipswich 0.38km
  • Ipswich 2.46km
  • Westerfield 3.34km
  • Woodbridge 12.35km

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