Date
Sector
Leisure

Ipswich bingo hall sold in £5.5m deal

 

Property consultant Eddisons, along with joint agent Fenn Wright, has sold a 29,000 sq ft bingo hall in Ipswich for close to the asking price of £5.5m.

The detached property, on a 2-acre site on Ipswich’s Orwell Retail Park, is occupied by Gala Bingo and generates an annual rental income of £377,138.

Abdul Jambo, associate director at Eddisons, said: “Properties generating this scale of returns and with a good lease length are becoming increasingly rare in Ipswich.

“With nine years remaining on its lease and a healthy rental income of not far off £400,000 a year, the building was an excellent prospect and we are really pleased to have completed the deal for very close to the asking price.”

Eddisons has also been appointed to auction a number of other properties in Ipswich including a 78,000sq ft premises on Carr Street that is fully let to Poundland until 2023, and which generates a rental income of £250,000 a year. The property, which also has a basement and car park, offers long-term redevelopment potential and is expected to achieve in excess of £4.25m.

The auction takes place in Leeds on 25 February, with the full catalogue available to view here.

With nine years remaining on its lease and a healthy rental income of not far off £400,000 a year, the building was an excellent prospect and we are really pleased to have completed the deal for very close to the asking price.

 

Written by: Abdul Jambo on Wednesday 24/02/2016