153 Princes Street, Ipswich, Suffolk, IP1 1QJ

Property specification

• Situated in the office core which has seen many offices converted to residential use, creating a low office supply
• Modern offices on ground, first and second floors providing 3,116 sq m (35,312 sq ft) plus 77 on site car spaces
• Well specified offices with raised floors, suspended ceilings with recessed LED lighting, recently installed comfort cooling and heating (2018)
• Flexible accommodation for subdivision of each floor
• Long leasehold interest expiring 2130 at a peppercorn rent
• Entirely underlet to Suffolk Life Pensions Ltd (D&B rating 3A1) with a guarantee from Curtis Banks plc, on a new 10 year lease from completion without break
• Passing rent of £459,000 per annum (£13.69 per sq ft overall), subject to an open market, upwards only, rent review in the 5th year
• £5,220,000 / NIY 8.25%

Lease terms

We are instructed to seek offers in excess of £5,220,000 subject to contract and exclusive of VAT, which reflects an attractive net initial yield of 8.25% and a low capital value of £148 per sq ft.