ReturnTacket Street , Ipswich , Suffolk, IP4 1BA
A part let investment/development Grade II listed property in a prominent corner location in Ipswich town centre. Currently arranged as 3 self-contained retail units with a self-contained 2 bedroom tenanted flat above.
A freehold income producing investment opportunity comprising three self-contained retail units and a self-contained two bedroom flat producing an income of £25,945 p.a. plus VAT, in a prominent corner location with private and secure car parking. Approximately 2,222 sq ft (206.7 sqm) of accommodation. Planning and Listed Building Consent secured for new self-contained 2 bedroom flat.
Parking for 10 vehicles (3 let)
Location
The premises is located just south-east of the town centre, in a prominent corner position at the junction between Tacket Street and Foundation Street, where there is a large NCP car park. The premises is close to Ipswich Bus Station and the main commercial destinations of Tavern Street, Buttermarket and Upper Brook Street. It is also within close proximity of Suffolk New College, the University of Suffolk Campus and the Waterfront. Ipswich is the county town of Suffolk and has an urban area population of 139,000 persons and a primary catchment of 274,000 people. The town is located adjacent to the A12 and A14, which provides links to London, Norfolk and the Midlands.
Description
The property comprises two adjoining, interconnecting two storey buildings of a mix of brick and timber frame construction under pitched tiled roofs. There is a large paved yard to Wingfield Street that provides secure, gated car parking for 10 vehicles (3 let).
Numbers 42 and 42A Tacket Street comprise two adjacent self-contained shop units.
Number 44 is arranged on ground and first floors and now benefits from planning and Listed Building Consent for the first floor to be converted into a self-contained two bedroom flat with alterations to create a self-contained ground floor shop. Currently the shop unit has a main frontage to Tacket Street, and a return frontage to Foundation Street and would also be suitable for owner occupation.
Number 42B is a two bedroom flat above numbers 42 and 42A, and comprises sitting room, two bedrooms, kitchen and a bathroom/WC (it was previously used as a beauty salon). There is also one allocated parking space to the rear.
The Accommodation
Ground Floor Sq ft Sqm EPC Expiry Date
42 Tacket Street 606 56.30 D (79) 14 March 2032
42A Tacket Street 366 34.00 D (93) 14 March 2032
44 Tacket Street 1,214 112.78 D (79) 15 May 2032
42B Tacket Street (Flat) 550 51.10 D (64) 18 June 2027
TOTAL 2,736 254.18
Services
We understand that the property is served by mains water, mains electricity and mains drainage. There is gas provided to the flat. NB: None of the services have been tested and it is the responsibility of the purchaser to satisfy themselves as to their operation/condition including IT and telecommunication links if any.
Planning & Listed Building Consent
Planning and Listed Building Consent have been secured for a new self-contained, first floor 2 bedroom flat. Planning references: IP/24/00857/FUL and IP/24/00858/LBC refer – ‘Change of use of first and second floor from Beauty Salon (Class E) to 1 number. Residential unit and reinstatement of traditional sash pane window and external doorway to the rear.’ Copies of the decision notices and accompanying documents are available from the selling agent.
Business Rates
Offices and premises Rateable Value £13,250.
42A Tackett Street – shop and premises, Rateable Value £3,900.
42 Tacket Street – shop and premises, Rateable Value £8,600.
And 44 Tackett Street – beauty salon and premises, Rateable Value £11,000.
No empty business rates are payable as the property is Grade II listed.
Tenancies
42 Tacket street is let to P. Iachetta and C. Di Franco for 10 years from 6th of August 2025 at a rental of £10,605 plus VAT, subject to a tenant-only break clause upon giving six months’ notice, effective 2nd July 2030. The lease
is outside the Landlord and Tenant Act and is subject to rent reviews in July 2028, July 2030 and July 2032. The premises comprise a shop and two car parking spaces.
42A is let to Bubble Tealicious Ltd with a guarantor for six years from 25th of September 2024, expiring 24th of September 2030. This lease is outside the Landlord and Tenant Act and the rent payable is £7,000 p.a. plus VAT. There is a rent review to increases in the Retail Price Index at the 3rd anniversary which is September 2027.
The remaining shop, 44 Tacket street is currently vacant and has an estimated rental value of £13,500 p.a.x plus VAT following completion of the alteration works outlined. A brand new, double glazed shop front has recently been provided.
42B is let to an individual on a 6-month AST from 14 July 2021 at a rental of £695 per calendar month. This comprises a 1st floor, two bedroom flat with parking. A rent deposit is held and registered with the Deposit Protection Service.
In summary, the property is part let, producing an income of £25,945 plus VAT. Upon completion of the alteration works this could increase to around £33,945 – £35,945 with additional value, created by the new refurbished residential flat.
Tenure
The property is held on a freehold tenure.
Local Authority
Ipswich Borough Council
Guide Price
Offers in the region of £350,000 plus VAT are invited for the freehold interest, subject to and with the benefit of the existing tenancies and planning permission/Listed Building Consent.
VAT
VAT will be applicable.
Legal Costs
Each party to be responsible for their own legal costs incurred in any transaction.
EPC
Please refer to the accommodation table for the EPC ratings for each element of the property.
Viewing
Strictly by prior appointment with Clarke & Simpson.
