St George`s House 2-30 St Matthews Street Ipswich, Suffolk IP1 3EU

Existing view
Computer impression of the proposed development
St George’s House
2-30 St Matthews Street
Ipswich, Suffolk IP1 3EU
RETAIL AND CAR PARK INVESTMENT WITH DEVELOPMENT POTENTIAL
• Tenants include Morrisons and British Heart Foundation
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Experian Goad. Digital Plans include mapping data licensed from Ordnance Survey with the permission of the Controller
of Her Majesty's Stationery Office. © Crown copyright and Experian Copyright. All rights reserved. Licence number PU 100017316.
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St George’s House 2-30 St Matthews Street Ipswich Suffolk
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St George’s House
2-30 St Matthews Street
Ipswich, Suffolk IP1 3EU
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• We are instructed to seek offers in excess of £2,350,000
which on the current income reflects a Net Initial Yield of 8.00%,
assuming purchaser’s costs of 5.8 %, a reversionary yield of
10.4% and a capital value of £85 psf.
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• Asset Management opportunities including letting
two vacant shops and the vacant 31 car parking spaces
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• Current passing rent of £174,600 per annum (retail)
and £26,200 per annum (car park)
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• Current Net Internal Area is 27,400 sq ft
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• Planning consent granted for hotel (125 beds) and ‘very
sheltered’ care home (35 flats) with retail on ground
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• 67 Car parking spaces, of which 31 are vacant and the
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Oraclecreative
26/5/2011
15
LOCATION
SITUATION
Ipswich, in the county town of Suffolk, is a principal shopping destination in East Anglia located 72
miles north-east of London, 15 miles north of Colchester and 10 miles west of Felixstowe. The rail
service journey (fastest time) from Ipswich to London Liverpool Street is approximately 75 minutes.
The duelled A12 road connects the town to the M25, and the A45 links the national motorway
network via the M1 at Junction 14.
The St George’s House site is located on St Matthews Street and situated in a prominent location in
central Ipswich. It benefits from a frontage onto the Civic Drive roundabout, a key junction on the
north western edge of the town centre. The site is within walking distance of the central shopping
streets, in particular Westgate.
DESCRIPTION
DEMOGRAPHICS
Ipswich is the administrative base for the county of Suffolk. Ipswich is a dominant retail centre
which serves a primary catchment population estimated at over 274,000 residents. Local area
unemployment is below the UK national average recorded at 3.9% in January 2010 (Source Co-star).
Within the East of England Plan December 2008 Ipswich is identified as a key centre for development
and change, involving new job creation, housing, and population growth over the next decade.
The town’s retailing is centred around the 235,000 sq ft Buttermarket anchored by Bhs, TJ Hughes,
TK Maxx and New Look
The property comprises a 1960s concrete frame, ‘L’ shaped, retail and residential development on
ground, part first and second floors, arranged as 2 blocks although they interconnect at first floor
level. It provides ground floor retail units along the St Matthews Street block anchored at the eastern
end by a larger two storey retail unit. The upper floors of this block comprise a first floor under-croft
car park beneath vacant flats. The second block faces the Civic Drive roundabout.
ACCOMMODATION
The site area of the existing property is 0.447 ha (1.104 acres) and comprises 27,400 sq ft on a Net
Internal Area basis.
St George’s House 2-30 St Matthews Street Ipswich Suffolk
TENANCY INFORMATION
The leases are drawn on fairly standard full repairing basis with tenants contributing to a service charge for the maintenance of the exterior and common areas.
The current gross rental income is £200,800 per annum.
Lease
Begins
Lease
Expiry
Rent (£)
per annum
British Heart Foundation
11/04/2014
10/04/2019
£37,500
Ipswich Furniture Project
01/07/2014
30/06/2019
(TOB 30/06/2015)
£21,000
Tenant
sq m
sq ft
Ground
First
324.68
256.10
3,495
2,757
4/6,
8, 10
Ground
268.29
2,888
12
Ground
67.00
721
VACANT
14
Ground
67.00
721
Messrs. Maiward, Nazari
& Vigman Mir
22/02/2013
21/02/2018
(TOB 20/02/2016)
£6,000
16
Ground
67.21
724
CLC International
27/05/2014
26/05/2024
(TOB 22/02/2019)
£7,500
18-20
Ground
Basement
143.09
51.01
1,540
549
22
Ground
68.00
732
St Elizabeth Hospice
24/01/2011
23/01/2016
£8,500
24
Ground
82.70
890
Patsy Thomas
17/08/2013
16/08/2018
£9,500
26-28
Ground
Basement
147.32
50.16
1,586
540
Ipswich Furniture Project
01/07/2014
30/06/2019
(TOB 30/06/2015)
£13,000
30
Ground
Ground
512.88
440.00
5,521
4,736
WM Morrison Convenience
Stores Limited
10/11/2013
09/11/2028
(TOB 10/11/2023)
£65,000
Unit
Floor
2
Signage
(£13,500)
(£20,000)
VACANT
£6,600
Crest Nicholson Eastern
£26,200
(£24,800)
Car Park
Actual Total Rent per annum
£200,800
Estimated Market Rent Total
(£259,100)
TENURE
We understand that the property is held freehold and our understanding of the boundaries of the property is shown edged red on the site plan overleaf.
St George’s House 2-30 St Matthews Street Ipswich Suffolk
Existing view from the roundabout
Existing view parade of shops
Existing view from the roundabout
St George’s House 2-30 St Matthews Street Ipswich Suffolk
PROPOSED DEVELOPMENT
The proposal is to demolish the existing 1960s developed structures and replace with a five storey
building, as before, following the street boundary but with full ‘in and out’ servicing at the rear from
Berners Street and delivery vehicle exit only into St George’s Street.
The scheme, which has been granted planning consent, is as set out in the Design and Access
Statement, prepared by Tate Hindle dated November 2009 (and recently renewed).
The development will essentially comprise 2 blocks. The eastern block, facing West Gate, being
a 125 bed hotel on 1st to 4th floors with a ground floor entrance adjacent to the vehicular exit onto
St George’s Street and generally over a large ground floor retail unit facing St Matthew Street.
The second block is of a similar massing being arranged on ground and four upper floors, although
stepping down to the North, towards the Hotel. The primary proposed use is for Very Sheltered
Housing on the upper floors over a large ground floor retail.
View from Civic Drive Roundabout
(Computer generated impression)
Hotel Block
The hotel block, situated at the eastern end of the site, is an ‘L’ shaped building with the main section
facing St Matthews Street and a return frontage to St George’s Street over-sailing the ground floor
vehicular exit, with the Entrance, reception, office and staff area at the corner. The remainder of the
ground floor, entirely facing St Matthews Street (front) is a large retail unit with, at the rear, a bin store
and plant room. The first floor comprises, on the front wing, 24 double guest rooms, three of which
have accessible bathrooms, whilst the return wing comprises the restaurant and ancillary kitchen
and stores. The corner section comprises a feature atrium containing the main stairs and lifts. The
second to fourth floors follow the layout of the first on the front wing, the return wing comprising
ten single guest rooms on each floor. There are secondary staircases at the end of each wing.
Very Sheltered Housing Block
The concept is to provide self-contained flats for sale to owner-occupiers who are over a certain age
bar (usually 60, although the spouse / partner can be younger, generally over 55), but with additional
facilities, such as a common lounge area, dining room and associated kitchen as well as staff to ensure
safety and health concerns are provided for. This block contains 2 x three bedroom units and
33 x two bedroom units, arranged either side of a central corridor on the first to fourth floors and with
the communal areas being at the northern end, over the entrance hall/office etc. There is an amenity
terrace at third floor level. The two bedroom units are 71 sq m (765 sq ft) each, whilst the three
bedroom units are 93 sq m (1,001 sq ft) each. The remainder of the ground floor is occupied by the
second large retail unit. This could be combined with the other unit if a supermarket (Metro style)
were interested. To the rear are five car spaces adjacent to the entrance / office and a further twenty
spaces elsewhere on the site.
View from Norwich Road (Computer generated impression)
St George’s House 2-30 St Matthews Street Ipswich Suffolk
View from Berners Street
© Crown copyright
(Computer generated impression)
View from St Matthew’s Street (Computer generated impression)
View from the Westgate (Computer generated impression)
St George’s House 2-30 St Matthews Street Ipswich Suffolk
CONSIDERATION
We are instructed to seek offers in excess of £2,350,000
(TWO MILLION, THREE HUNDRED AND FIFTY THOUSAND POUNDS)
which on the current income reflects a Net Initial Yield of 8.00%,
assuming purchaser’s costs of 5.8 %, a reversionary yield of 10.4%
and a capital value of £85 psf.
7-10 Beaumont Mews, London W1G 6EB
T: 020 7487 5722
Mark Hoffman [email protected]
Peter Hoffman [email protected]
Simon Perlmutter [email protected]
www.hoffmanpartners.co.uk
DISCLAIMER Hoffman Partners for themselves and for the vendors of this property whose agent they are give notice that: 1.
These particulars do not constitute any part of the offer for sale or contract for sale. 2. All statements contained in these
particulars as to this property are made without responsibility on the part of or the vendors or lessors. 3. None of the statements
contained within these particulars as to this property are to be relied upon as statements or representations of fact. 4. Any
intending purchasers must satisfy themselves by inspection as to the correctness of the statements contained in these
particulars. 5. Any plans, photographs or drawings contained in these particulars are to enable prospective purchasers or
tenants to locate the property. 6. No warranty or undertaking is given in respect of the repair or condition of the properties or
items expressed to be included in the sale. 7. Any properties or drawings of the relevant property or part thereof or the
neighbouring areas may not depict the property or neighbouring area at the date a prospective purchaser or tenant reads the
brochure or inspects the property. Prospective purchasers and tenants are advised to inspect the property and neighbouring
areas have not measured the property and have relied upon clients information. The Agents give no warranty as to their
correctness and the purchasers must rely on their own measurements. 8. All terms quoted are exclusive of VAT unless otherwise
stated. 9. The vendors do not make or give and neither nor any person in their employment has any warranty whatsoever in
relation to this property. 10. The details were prepared as at June 2011 and are believed to be correct at the time of writing
which may be subsequent amendment.