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Alexander House, 73-77 St Matthew's Street, Ipswich Ip1

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Alexander House, 73-77 St Matthew's Street, Ipswich Ip1 FREEHOLD INVESTMENT OPPORTUNITY ALEXANDER HOUSE, 73-77 ST MATTHEW’S STREET, IPSWICH 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 Cambridge 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 Peterborough town. Lowestoft 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 Chelmsford 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.
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