FREEHOLD INVESTMENT OPPORTUNITY ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IP1 3EW

For sale on the instruction of T Perkin & J Barber acting as Joint Fixed Charge Receivers ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IPSWICH IP1 3EW 2

INVESTMENT SUMMARY

An opportunity to acquire a high yielding freehold House in Multiple Occupation (HMO) in a prominent location in Ipswich comprising:

• 80 units (72 self-contained) arranged over two adjoining buildings, including seven communal kitchen / living rooms and two roof terraces

• An overall gross internal area (including common parts) extending to 17,461 sq ft (1,622 sq m) over 5 storeys

• An overall gross rental income of Scale 1:1250 View of St Lawrence Church (town centre) £328,140 per annum (91% occupancy) NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number with an estimated rental value of 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. £335,000 per annum LOCATION & SITUATION REGENERATION • Located approximately 0.2 miles (0.32 km) to the west of Ipswich town Ipswich is in the county town of Suffolk, located on approximately 0.2 miles (0.3 km) from the town The Buttermarket is a 270,000 sq ft. four storey centre and 0.5 miles (0.8 km) from the estuary of the River Orwell in the South East of centre. shopping centre in the town centre currently England. It is situated approximately 75 miles (120 undergoing a £35 million refurbishment. It is The town centre provides a mix of boutiques and Christchurch Park, which provides km) to the north east of London, 52 miles (84 km) adding a new leisure-based facility with a 12-screen large high street retailers, including a range of 70 acres (28 ha) of parkland, and east of and 42 miles (67 km) south of cinema and 20,000 sq ft gym. Completion is coffee shops, restaurants and bars. sporting facilities Norwich. estimated for the end of the year. The immediate area around the Property is Ipswich is the oldest Anglo-Saxon town in England Ipswich Railway Station is receiving a £2 million characterised by a mix of residential housing, retail with an extensive history behind it, evident in investment to upgrade its current facilities. • A high yielding investment with the and small businesses. the array of attractive period buildings and Redevelopment of The Cornhill, the square in front opportunity to add value through architecture. There is a Tesco Express and a public gym situated of Ipswich’s Town Hall, is also in the pipeline with approximately 200 ft to the east of the Property. refurbishment The Property is situated in a prominent position £3.3 million being committed to redeveloping the Christchurch Park, which is located 0.5 miles (0.8 on the corner of St Matthew’s Street and Portman area into a more prominent town centre focal point. km) to the east, provides 70 acres of parkland, and Road towards the western edge of the town, sporting facilities. Inverness

Aberdeen

Dundee

Perth

Stirling

Falkirk Edinburgh Glasgow

Dumfries Newcastle upon Tyne

Carlisle Sunderland

Hartlepool

Stockton-on-Tees Middlesbrough Darlington

Scarborough

A1(M) Harrogate York

Leeds Preston Bradford Blackburn Kingston upon Hull Burnley Southport M62

Formby M62 Scunthorpe Barnsley Grimsby Manchester Doncaster M180 M1 Liverpool M57 M18 M62

M53 A57 Colwyn Bay Chester M1 Lincoln A1 ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IPSWICH IP1 3EW Skegness 3 M6

Wrexham Nottingham Stoke-on-Trent Grantham TRANSPORT Derby Ipswich Railway Station is located 0.8 miles (1.3 A1 King’s Lynn Telford M1 Norwich km) to the south of the Property and Derby Road M42 Railway Station is located 1.9 miles (3.1 km) to the M54 Leicester A47 Great Yarmouth A47 east of the Property on the opposite side of the M69 A47 town. Birmingham Ipswich Railway Station is on the Great Eastern M1 M6 A1(M) Main Line and provides direct access to London Liverpool Street in 1 hour 10 minutes and Norwich Coventry A14 in 42 minutes. M45 Road communications in and out of Ipswich are Worcester Northampton Newmarket Bedford excellent. The A1156 provides direct access to M40 Cambridge Ipswich the A14 to the west, which links with the M25 to IPSWICH the south west via the A12. The A14 also provides M1 M11 access to Cambridge to the west and the A1156 Milton Keynes Colchester provides access across the town to the east. Luton Cheltenham Stevenage Gloucester Aylesbury Stansted Destination Travel Time (Fastest)

Oxford London 1 hour 10 minutes

High Wycombe Cambridge 1 hour 19 minutes Swansea Southend-on-Sea Swindon Norwich 42 minutes Reading London Car Bristol

Ramsgate Bath Weston-super-Mare Basingstoke Guildford Maidstone

Royal Dover Salisbury Winchester Tunbridge Wells Folkestone Crawley Taunton

Southampton

Hastings Brighton Portsmouth Eastbourne Exeter Bournemouth Newport Communal courtyard

Torquay Plymouth ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IPSWICH IP1 3EW 4

DESCRIPTION HMO LICENCE MARKET OVERVIEW THE HMO MARKET

The Property comprises two adjoining buildings: The Property does not have a HMO licence. The private rented sector (PRS) in the locality of The HMO investment market has evolved rapidly the Property (postcode IP1 3) accounts for c. 36% over the past two years. This has been particularly • The Main Block is arranged over 3 floors, of all households, which reflects a 13% increase evident in London. Until recently there was limited comprising 58 units, 50 of which are self- from 2001 to 2011 (Census data). The PRS in demand for HMO properties when compared contained. There are also 7 communal kitchen TENANCY INFORMATION postcode IP1 and Ipswich makes up 22% and with residential (C3), as HMO properties were / living rooms and a roof terrace. 21% respectively of all households, which reflects considered a niche investment. However, the The Property is currently 91% let on Assured • The Mews Block benefits from lift access and growth of 28% and 34% respectively since 2001 to HMO investment market offers the opportunity to Shorthold Tenancies (ASTs) producing a gross is arranged over 5 floors, comprising 22 self- 2011 (Census data). optimise rents per square foot, enabling enhanced annual rent of £328,140. This reflects £300 - £475 contained units and a terrace on the third floor. returns above mainstream residential. per calendar month per unit. A summary of the Table 2 reflects the pricing profile (per calendar All the units are furnished and the majority are tenancies is provided within Table 1. month) of the rental market in Ipswich. in average condition with a basic specification; therefore, providing an investor the opportunity to PLANNING add value through refurbishment. Table 1 The Property was historically used as student accommodation. In 2014 planning permission Tenancies Summary (IP/14/00179/FUL) was granted to convert the building into a HMO to provide 80 units and permit Current Rent Passing £328,140 the Property to be let to non-students, as well as full time students. Estimated Rental Value £335,000

Max Rent PCM £475

Average Rent PCM £375

Min Rent PCM £300

Example living / kitchen room Occupancy 91% Example unit

Table 2

Unit Type Median Upper Quartile Upper Decile

Studio £382 £398 £428 1 bed £493 £544 £596 2 bed £640 £685 £747 3 bed £750 £813 £895 4 bed £975 £1,406 £1,433

Example unit Communal hallway (Rightmove Listings Year to Q4 2016) ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IPSWICH IP1 3EW 5

FLOOR PLANS Overall gross internal area (including common parts) extending to 17,461 sq ft (1,622 sq m)

Ground Floor First Floor

Mews Mews Mews Room 2 Mews Room 7 Room 1 14'9'' x 9'6'' Room 6 11'3'' x 9'6'' 16'6'' x 11'3'' 4.50 x 2.90m 16'6'' x 11' 3.43 x 2.90m 5.03 x 3.43m 5.03 x 3.35m

Lift Lift

Laundry Room Room 6.4 Mews 12'6'' x 10'6'' Room 6.3 3.81 x 3.20m Room 10 Mews Mews Room 5.5 Mews 13' x 8'6'' 17'3'' x 10'9'' Room 9 Mews Mews Room 3 9'9'' x 6'6'' Room 8 3.96 x 2.59m 5.26 x 3.28m 12'6'' x 11' Room 5 Room 4 14' x 11'3'' 2.97 x 1.98m 14' x 11'6'' 3.81 x 3.35m 14' x 10' 11' x 9'6'' 4.27 x 3.43m 4.27 x 3.51m 4.27 x 3.05m 3.35 x 2.90m

Room 5.4 16'3'' x 12'3'' Kitchen/ Room 6.5 4.95 x 3.73m Living 13'9'' x 11'3'' Kitchen/ Room 4.19 x 3.43m Room 6.2 Room 1.5 Room 1.6 Living Kitchen/ 23' x 14'6'' Room 6.1 Room 1.2 Room 1.3 Room 1.4 Room 2.3 Room 2.4 Room 2.5 Room 2.6 10'6'' x 9'6'' 9'6'' x 8' 9'6'' x 8' Room Living Room 2.2 7.01 x 4.42m 11'3'' x 8'6'' Room 1.1 10' x 7'3'' 9'3'' x 8' 9'6'' x 8' Room 2.1 10' x 8' 10' x 8' 10' x 7'3'' 10'9'' x 8'6'' 3.20 x 2.90m 2.90 x 2.44m 2.90 x 2.44m 25'9'' x 12'6'' Room 10' x 7' 3.43 x 2.59m 14'9'' x 7'6'' 3.05 x 2.21m 2.82 x 2.44m 2.90 x 2.44m 13'9'' x 7'3'' 3.05 x 2.44m 3.05 x 2.44m 3.05 x 2.21m 3.28 x 2.59m 7.85 x 3.81m 16'6'' x 14' 3.05 x 2.13m 4.50 x 2.29m 4.19 x 2.21m 5.03 x 4.27m Room 6.6 13'9'' x 10' Room 5.3 4.19 x 3.05m 10' x 8'9'' 3.05 x 2.67m

2 1 6

Laundry Lobby Room Room 5.2 Kitchen/ 17'9'' x 10' 12'3'' x 11' Living 5.41 x 3.05m Room 1.7 5 3.73 x 3.35m Room 2.7 Room 12'9'' x 10'6'' Entrance 12'9'' x 9'9'' 16'3'' x 12'9'' 3.89 x 3.20m Hall Reception 2 Room 5.1 3.89 x 2.97m Room 2.9 Room 6.8 4.95 x 3.89m Room 1.9 Managers 12'9'' x 11' Room 6.7 10'3'' x 9'3'' Room 2.8 14'3'' x 8'9'' 9'3'' x 8'9'' Room 1.8 Room 3.89 x 3.35m 11'3'' x 10'6'' 3.12 x 2.82m 13'9'' x 9'6'' 4.34 x 2.67m 2.82 x 2.67m 13'6'' x 12' 10'9'' x 10' 3.43 x 3.20m 4.11 x 3.66m 3.28 x 3.05m 4.19 x 2.90m

BASEMENT GROUND FLOOR FIRST FLOOR Property Details: Surveyed and Drawn By: Property Details: Surveyed and Drawn By: Basement ALEXANDER HOUSE ALEXANDER HOUSE 75 ST MATTHEWS STREET 75 ST MATTHEWS STREET IPSWICH B K R IPSWICH B K R SUFFOLK Sunnyhill House SUFFOLK Sunnyhill House 3-7 Sunnyhill Road 3-7 Sunnyhill Road IP1 3EW London, SW16 2UG IP1 3EW London, SW16 2UG

Tel: 0845 257 2023 Tel: 0845 257 2023 SCALE APPROX. GROSS INTERNAL AREA * SCALE APPROX. GROSS INTERNAL AREA * Fax: 0845 257 2024 Fax: 0845 257 2024 WHOLE BUILDING WHOLE BUILDING 1:200 @ A4 [email protected] 1:200 @ A4 [email protected] www.bkrfloorplans.co.uk 17461 Ft ² - 1622.13 M ² www.bkrfloorplans.co.uk 17461 Ft ² - 1622.13 M ² Plans Drawn: 10.05.2017 Plans Drawn: 10.05.2017 C BKR 2017 C BKR 2017 ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IPSWICH IP1 3EW 6

FLOOR PLANS

Mezzanine Second Floor

Mews Mews Room 12 Room 11 11'3'' x 9'6'' 16'6'' x 11' 3.43 x 2.90m 5.03 x 3.35m

Lift

Room 7.4 Room 4.11 12'6'' x 10'6'' 12'6'' x 10'6'' Mews Room 4.10 3.81 x 3.20m Room 7.3 3.81 x 3.20m Room 15 Mews Mews 13' x 8'6'' 13' x 8'6'' 17' x 10'9'' Room 14 Room 13 3.96 x 2.59m 3.96 x 2.59m 5.18 x 3.28m 12'6'' x 11' 14' x 11'9'' 3.81 x 3.35m 4.27 x 3.58m

Living Room 14'3'' x 11' Kitchen/ 4.34 x 3.35m Living Room 4.7 Room 8'9'' x 7'9'' Kitchen/ 2.67 x 2.36m Living 13'9'' x 11'3'' Room 4.12 Room 4.19 x 3.43m 12'9'' x 9'3'' Room 7.2 Room 4.8 23'6'' x 14'6'' Room 3.4 Room 3.5 Room 3.6 Room 4.9 3.89 x 2.82m 10'6'' x 9'6'' Room 3.2 Room 3.3 9'3'' x 7'3'' 7.16 x 4.42m Room 7.1 10'3" x 8' 10'3'' x 7'6'' 11' x 7'6'' Room 3.7 9' x 6'9'' 3.20 x 2.90m Room 3.1 10'9'' x 7'6'' 10'3" x 8' 2.74 x 2.06m 2.82 x 2.21m 11'3'' x 8'6'' 13'9'' x 7'3'' 3.12 x 2.44m 3.12 x 2.44m 3.12 x 2.29m 3.35 x 2.29m 12'3'' x 7'3'' Kitchen 3.28 x 2.29m 3.73 x 2.21m 3.43 x 2.59m 4.19 x 2.21m 17' x 13'3'' Room 7.5 5.18 x 4.04m 13'9'' x 10' 4.19 x 3.05m Room 4.6 9' x 8'3'' 2.74 x 2.51m

7 3

4 Room 3.8 9'6'' x 9'3'' 2.90 x 2.82m Roof Room 4.5 Terrace Room 4.4 Room 3.9 Room 3.10 Room 4.1 Room 4.2 Room 4.3 14' x 8' 10'3'' x 8' 8'9'' x 7'6'' 9' x 7'9'' 9' x 7'6'' 4.27 x 2.44m 8'6'' x 8'3'' 8'6'' x 8'3'' 2.74 x 2.29m 2.59 x 2.51m 2.59 x 2.51m 3.12 x 2.44m 2.67 x 2.29m 2.74 x 2.36m

MEZZANINE SECOND FLOOR Property Details: Surveyed and Drawn By: Property Details: Surveyed and Drawn By: ALEXANDER HOUSE ALEXANDER HOUSE 75 ST MATTHEWS STREET 75 ST MATTHEWS STREET IPSWICH B K R IPSWICH B K R SUFFOLK Sunnyhill House SUFFOLK Sunnyhill House 3-7 Sunnyhill Road 3-7 Sunnyhill Road IP1 3EW London, SW16 2UG IP1 3EW London, SW16 2UG SCALE Tel: 0845 257 2023 SCALE Tel: 0845 257 2023 APPROX. GROSS INTERNAL AREA * Fax: 0845 257 2024 APPROX. GROSS INTERNAL AREA * Fax: 0845 257 2024 WHOLE BUILDING 1:200 @ A4 [email protected] WHOLE BUILDING 1:200 @ A4 [email protected] 17461 Ft ² - 1622.13 M ² www.bkrfloorplans.co.uk 17461 Ft ² - 1622.13 M ² www.bkrfloorplans.co.uk Plans Drawn: 10.05.2017 Plans Drawn: 10.05.2017 C BKR 2017 C BKR 2017 ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IPSWICH IP1 3EW 7

FLOOR PLANS

Third Floor Fourth Floor

Kitchen/ Kitchen/ Mews Mews Living Living Room 19 Room 19 Room Room 16'6'' x 11'16'6'' x 11' 16'6'' x 11'16'6'' x 11' 5.03 x 3.35m5.03 x 3.35m 5.03 x 3.35m5.03 x 3.35m Roof Roof Terrace Terrace

Lift Lift Lift Lift

Mews Mews Mews Mews Room 22 Room 22 Mews Mews Mews Room 18 Room 18 Mews Mews Mews 17' x 10'9''17' x 10'9'' Mews Mews Room 17 Room 21 Room 21 17' x 10'9''17' x 10'9'' Room 17 Room 16 Room 16 5.18 x 3.28m5.18 x 3.28m Room 20 Room 20 5.18 x 3.28m5.18 x 3.28m 12'6'' x 11'12'6'' x 11' 17'3'' x 11'179'''3'' x 11'9'' 12'6'' x 11'12'6'' x 11' 17'3'' x 11'179'''3'' x 11'9'' 3.81 x 3.35m3.81 x 3.35m 5.26 x 3.58m5.26 x 3.58m 3.81 x 3.35m3.81 x 3.35m 5.26 x 3.58m5.26 x 3.58m

THIRDTH FLIRDOOR FLOOR FOURFTOHUR FLTOORH FLOOR

Property ProperDetails:ty Details: SurveyedSurveyed and Dra wnand By: Drawn By: ALEXAANDLEXEANDR HEORU SEHOUSE 75 ST75 M SATTT MHAETTWSH ESWTRSEET STREET IPSWIIPSCHWICH B BK KR R SUFFOLKSUFFOLK SunnyhSillunn Houyhseill House 3-7 Sunn3-7y hSillunn Royadhill Road IP1 3EWIP1 3EW LondonLondon, SW16 ,2 SUGW16 2UG SCALESCALE Tel: 0845Tel :257 0845 2023 257 2023 APPROAXPP. GRROOXSS. G RINOTSSERNA INTLE RNAARELA AR* EA * Fax: 0845Fax 257: 0845 2024 257 2024 WHOLWHE BUIOLLEDING BUILDING 1:2001 @:200 A4 @ A4 info@[email protected] 17461 17461Ft ² - F1622t ² -. 13 1622 M ². 13 M ² www.bkwwwrfloo.brpklraflnoos.crpol.aukns.co.uk PlansP Dlaranswn Dra: 10wn.05: 10.2017.05.2017 C BKR C 2017BKR 2017 ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IPSWICH IP1 3EW 8

TENURE

The Property is held Freehold.

METHOD OF SALE

The Property is offered for sale by private treaty.

VAT

The Property is not elected for VAT.

FURTHER INFORMATION

A full suite of background information, including EPCs, can be found on the online dataroom at: www.savills.com/alexanderhouse

VIEWINGS

Viewings are strictly by appointment via the vendor’s sole selling agents, Savills. Please contact one of the agents below to make an appointment.

CONTACTS

James Watkins Davina Clowes Alex Leader Max Turner Residential Capital Residential Capital Ipswich - Residential Ipswich - Residential Markets Markets Development Sales Development Sales +44 (0) 20 7 409 8056 +44 (0) 207 016 3838 +44 (0) 7812 965 305 +44 (0) 7807 999 746 Communal courtyard [email protected] [email protected] [email protected] [email protected]

Important Notice This Property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. Savills, and their clients give notice that: The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely on their own 1. They are not authorised to make or give any representations or warranties in relation to the Property either here or enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of the sale without personal liability. elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the Property has all necessary planning, building regulation or other consents and that Savills and Knight Frank have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | May 2017