Property photos
Freehold
Offers in region of
£360,000
Property for sale
Butter Market, Ipswich IP1Local area information
Property location
Nearby amenities
- St Margaret's Church of England Voluntary Aided Primary School, Ipswich 0.3 miles
- St Helen's Primary School 0.4 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.
Read our area guide for Ipswich to find out more about the local area.
Features and description
- Freehold
Key Points
Prime Town Centre Location Fully Let from January 2024 For 10 Years at a rent of £16,000 pax Gross Yield reflecting 10% Peppercorn rent with no rent reviews First and Second floor flats let at £775 pcm each on AST's
Description
The property comprises a three storey brick building plus small basement. The ground floor and basement are let to Magazin Romanesc Bacau Ltd trading as an Eastern European Food Store on a new 10 year lease from January 2024 with a fifth year break and 3 yearly rent reviews.
The total rental income for the shop and basement is £16,000 per annum and the asking price equates to a Gross Initial Yield of 10%.
There are also two flats, on first and second floor which are let on AST's at rents of £775 pcm each.
The total income is £34,600 per annum
Location
The property is situated in Ipswich Town Centre on the Buttermarket, close to its junction with Upper Brook Street. Neighbouring retail occupiers include The Works, Caffe Nero, The Tooth Club and Oxfam.
Ipswich is the county town of Suffolk with a population of circa 130,000. The town is situated approximately 80 miles north east of London, 43 miles south of Norwich and 18 miles north east of Colchester.
Viewings
Viewings to be arranged through Hazells Chartered Surveyors on .
Terms
The property is available freehold subject to the tenancies in place.
VAT
VAT is applicable on the purchase price. The vendor would consider a sale via a Transfer of Going Concern meaning that no VAT would be payable.
Description
The property comprises a three storey brick building plus small basement. The ground floor and basement are let to Magazin Romanesc Bacau Ltd trading as an Eastern European Food Store on a new 10 year lease from January 2024 with a fifth year break and 3 yearly rent reviews.
The total rental income for the shop and basement is £16,000 per annum and the asking price equates to a Gross Initial Yield of 10%.
There are also two flats, on first and second floor which are let on AST's at rents of £775 pcm each.
The total income is £34,600 per annum
Location
The property is situated in Ipswich Town Centre on the Buttermarket, close to its junction with Upper Brook Street. Neighbouring retail occupiers include The Works, Caffe Nero, The Tooth Club and Oxfam.
Ipswich is the county town of Suffolk with a population of circa 130,000. The town is situated approximately 80 miles north east of London, 43 miles south of Norwich and 18 miles north east of Colchester.
Viewings
Viewings to be arranged through Hazells Chartered Surveyors on .
Terms
The property is available freehold subject to the tenancies in place.
VAT
VAT is applicable on the purchase price. The vendor would consider a sale via a Transfer of Going Concern meaning that no VAT would be payable.
More information
Listed by
Hazells Chartered Surveyors
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Property descriptions and related information displayed on this page are marketing materials provided by - Hazells Chartered Surveyors. 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 Hazells Chartered Surveyors for full details and further information.