Ipswich investment properties to go under the hammer at Eddisons auction
Eight vacant and tenanted commercial properties in Ipswich will go under the hammer at Eddisons’ next Leeds property auction, which takes place at Leeds United Football Club on 25 February.
Among the lots are several retail units on Carr Street. Numbers 26-32 are a three-storey, 78,000sq ft unit which is fully let to Poundland until 2023, providing 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.
Meanwhile, 10/12 and 14/16 Carr Street are two mid-terrace retail units, both of which are fully let providing an income of £75,000 a year. The properties are being auctioned as one lot and are guided at £900,000. Also on Carr Street, 32a and 34/34a, are two two-storey, mid-terrace retail units fully let to Betfred and Aston’s Barbers for £42,000 a year. Guided at upwards of £450,000, the properties will also be auctioned as one lot.
Further investment opportunities include 21 Upper Brook Street, a former snooker hall in need of repair and guided at more than £250,000, and 12-20 Upper Orwell Street, a two-storey commercial unit of more than 5,800 sq ft. Both properties are available with vacant possession.
Numbers 15/17 Upper Brook Street will also go under the auctioneer’s hammer. Currently trading as a charity shop and providing a rental income of £20,000 a year, the two-storey mid-terrace building is guided at more than £200,000. Similarly, 45-51 Upper Orwell Street, a single lot of three retail units currently let to two convenience and grocery stores, a gym and tattoo studio, give a combined income of £27,000 a year and are expected to achieve in excess of £240,000.
Finally, four retail units at 35-39 Upper Bank Street which generate a combined income of £58,000 a year, are guided at in excess of £700,000. The part two-storey, part three-storey buildings provide a total area of 2,000 sq ft and are currently let to Greggs, Lloyd Clare and Palace Amusements, with one unit being vacant.
Glenn Levison, associate director at Eddisons, said: “These lots offer investors an attractive range of opportunities and with Ipswich currently experiencing improved occupier demand, they’re already attracting a lot of interest, both locally and from further afield.
“There really is something for everyone, from straight-forward, fully-let units providing an assured return to vacant properties with development opportunities and potential for longer-term capital gains.
“With occupancy in the secondary market now improving and long-term voids becoming less of an issue, we’re expecting there to be some competitive bidding.”
The Leeds auction will take place on 25 February at Leeds United Football Club, Elland Roads, Leeds.
The full catalogues are available to view at here.
With occupancy in the secondary market now improving and long-term voids becoming less of an issue, we’re expecting there to be some competitive bidding.
Written by: on Wednesday 17/02/2016