23-25 Carr Street, Ipswich
£1,025,000

The property forms part of a parade that was reconfigured and substantially reconstructed in early 2000 to create 11 individual retail units of varying sizes, fronting Carr Street, in Ipswich town centre.

The unit is arranged over ground and first floor levels, benefitting from a fully-glazed prime shop frontage to Carr Street and canopy. It has been secured to Specsavers until 2027.

There are 113 car parking spaces nearby accessed via a ramp from Great Coleman Street.

Accommodation (all areas are approximate):

The unit comprises the following floor areas:

Ground Floor Sales: 2,570 sq ft
itza (units): 1,326
Ground Floor Ancillary: 1,777 sq ft
First Floor Ancillary: 1,522 sq ft
Total Area: 5,869 sq ft

Covenant Information:

Specsavers is a market-leading British multinational optical chain. In total, the group operates from more than 2,100 branches, mainly in the UK, Ireland, Norway, Sweden, Finland, Denmark, Netherlands, Spain, Australia, New Zealand and Canada. Most recently-published turnover for Specsavers: £2,738,227,000 / Pre-tax profit: £441,528,000 / Net worth: £1,046,824,000 (28/02/2021).

Tenancy:

The property is entirely let to Specsavers Optical Superstores Limited, on an Fri lease from 13th January 2012 until 12th January 2027 (offering 4.5 years unexpired term certain). The current passing rent is £82,700 per annum. The Landlord contributes to a small service charge, along with the other tenants situated within the parade. The current year's budget for 23-25 Carr Street is £8,019, which is fully recoverable from the occupational tenant.

Tenure:

The property is offered on a new 999-year long-leasehold interest, at a peppercorn rent.

Proposal:

We are instructed to seek offers pf £1,025,000, subject to contract and exclusive of VAT, for the long leasehold freehold interest. Allowing for tapered purchaser's costs, a purchase at this level would reflect an attractive 7.63% net initial yield.

EPC:

The unit has an EPC of a 'C' rating. A copy of the EPC can be provided upon request.

VAT:

VAT is applicable.