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25/27 Tavern Street, Ipswich, IP1 3AD

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25/27 Tavern Street, Ipswich, IP1 3AD 25/27 Tavern Street, Ipswich, IP1 3AD LET TO THE 5A1 COVENANT OF VODAFONE LTD PRIME RETAIL HIGH STREET INVESTMENT 25/27 Tavern Street, Ipswich, IP1 3AD PRIME RETAIL HIGH STREET INVESTMENT INVESTMENT CONSIDERATIONS ■ The largest town in Suffolk and one of the principal ■ Let to the 5A1 covenant of Vodafone ■ Offers sought in excess of £1,710,000 shopping centres in East Anglia Limited (One Million Seven Hundred and Ten ■ Prime retail location on the pedestrianised Tavern ■ The passing rent of £127,500 pa reflects a Zone A Thousand Pounds) for the freehold interest, Street of approximately £136 psf subject to contract and exclusive of VAT. A purchase at this level reflects an attractive ■ A large regeneration scheme is being undertaken ■ Let on a 15 year lease expiring 28/09/2023 net initial yield of 7% assuming purchaser’s in the centre of Ipswich to transform Cornhill into with 5.41 years to expiry costs of 6.19% a visitor attraction ■ Vodafone have just passed their break option ■ Freehold highlighting their commitment to the location 25/27 Tavern Street, Ipswich, IP1 3AD PRIME RETAIL HIGH STREET INVESTMENT Image provided by Hall McKnight Architects ings Lynn LOCATION SITUATION Wisbech Norwich The property is prominently situated on the northernLECESTER Stamford Swaffham Ipswich is the largest town in the county of Suffolk and acts NORCH Great side of Tavern Street, directly opposite Thomas Cook Yarmouth as the county’s main administrative centre as well as the Wigston and Whittards Tea and Coffee and adjacent to H&M principal retailing town in East Anglia. The town is situated PETERBOROH A146 133 km (83 miles) north east of Central London, 30 km (19 and Accessorize. Footfall in front of the property is M1 M69 Lowestoft miles) north east of Colchester and 23 km (14 miles) north continuously high, being in a pedestrianised zone along a busy main retail pitch. west of Felixstowe. A1(M) Thetford A143 Kettering Ely The town benefits from good road communications and is located The subject property is situated within close proximityRugby A1066 A12 on the A12 which links directly with junction 28 of the M25 to the entrance of the Sailmakers Shopping Centre as A11 M45 Huntington approximately 83 km (53 miles) to the south west. The A14 is well as the pedestrianised thoroughfares of Westgate Bury approximately 3.2 km (2 miles) to the south and serves Felixstowe Daventry Street, Cornhill and Princes Street. Newmarket St Edmunds A140 to the south east and Cambridge and the M11 to the west. A14 CAMBRDE Ipswich railway station provides regular direct services to London DEMOGRAPHICS Cambridge Liverpool Street with a fastest journey time of approximately Bedford A11 1 hour 10 minutes. The total population within the Ipswich Primary PSCH Banbury London Stansted Airport is located approximately 64 km Catchment Area is 278,000 with an estimated shopping Milton A134 (40 miles) south west of Ipswich. Stansted Airport serves population of 223,000. Given the distance to major Keynes 168 direct flights with nearly 20 million passengers per year. competing centres, Ipswich has a high penetration M11 A12 ELSTOE within its catchment area. M1 Stevenage Harwich Luton Bishops Stansted Colchester Oxford IPSWICH REGENERATION Ipswich has seen a 2.5% increase in tourism with Luton Stortford A120 approximately 3.1m people visiting in 2017, resulting Aylesbury A major regeneration project, jointly funded by Ipswich & in £182 million invested in the local economy. Hemel A1(M) ClactononSea Harlow A130 Suffolk Councils and New Anglia Local Enterprise Partnership, Hempstead Approximately 5,000 students attend the UniversityOORD Chelmsford commenced in Q1 2018, aiming to revitalise the Cornhill of Suffolk each year. The university operates at 5 sites, and transform it into a thriving retail and commercial hub. a central hub in Ipswich and secondary sites at another High A12 It will also provide an attractive focal point for the town and will location in Ipswich, Lowestoft, Bury St Edmunds and Wycombe M25 stimulate a number of economic benefits, including the creation M1 Basildon Great Yarmouth. M40 Southend of over 300 jobs and 50% reduction in vacant business units Maidenhead SouthendonSea and 50 smaller businesses created. The scheme is due to Over 35% (2015) of the catchment comprises the London complete by Christmas 2018 at a cost of £3.3 million and Acorn Group profile of executive wealth, mature LONDONAirport Heathrow has the potential to enhance an already thriving retail money and countryside communities, in excess M4 and commercial hub. of the national average. 25/27 Tavern Street, Ipswich, IP1 3AD PRIME RETAIL HIGH STREET INVESTMENT RETAILING IN IPSWICH The town centre retail floor space in Ipswich is estimated at 1.30 million sq ft with the prime retailing centred along the pedestrianized stretch of Tavern Street and Westgate Street. Ipswich has a relatively strong representation of fashion retailers including Next, Primark, H&M, New Look, Topshop/Topman, Jack Wills and River Island. Along with a Marks & Spencer store and Debenhams department store, Ipswich has a good mass market fashion offer spread across the main retail pitches in the town centre. The town’s principal shopping centre, Sailmakers (formerly Tower Ramparts) has recently been refurbished and comprises 125,000 sq ft and is anchored by Boots and new stores for River Island and Pandora. The larger of Ipswich’s two centres is the 235,000 sq ft Buttermarket Shopping Centre. The centre has recently undergone a major £25.1m refurbishment and reconfiguration and is now anchored by a 12 screen Empire cinema and family entertainment centre. A new 20,000 sq ft Pure Gym has also been introduced along with nine new restaurant units with occupiers such as Coast to Coast, Byron and Wagamama. UNDER OFFER UNDER PLANS APPROVED TO REDEVELOP INTO RETAIL & RESTAURANT ACCOMMODATION © Crown Copyright, ES 100004106. For identification purposes only. 25/27 Tavern Street, Ipswich, IP1 3AD PRIME RETAIL HIGH STREET INVESTMENT DESCRIPTION TENANCY COVENANT The property comprises an Vodafone was founded in 1982 initially known as Racal which evolved into Tenant Description Area Area Lease Lease Next Rent pa Comments attractive terrace building the present day Vodafone. It is now a leading provider of telecommunications (sq m) (sq ft) Start Expiry Review (Zone A) arranged over basement, ground, services in the UK and is part of the Vodafone Group, the world’s second largest first and second floors. Vodafone Ground 86.3 929 29/09/2008 28/09/2023 29/09/2018 £127,500 Tenant has not mobile phone company. The tenant trades on the ground Limited Floor (£136) exercised the For further information please visit www.vodafone.co.uk 29/09/2018 floor with ancillary storage and Vodafone Limited has a Dun & Bradstreet rating of 5A1. staff accommodation at first floor break option. levels. The second floor is used ITZA 74.4 800 The business produced the following headline accounts over the last 3 years: as ancillary accommodation with meeting and training rooms. The Basement 42.2 454 31 March 2017 31 March 2016 31 March 2015 basement is currently used as First Floor 89.0 958 Turnover £5,843,900,000 £6,183,500,000 £6,294,200,000 additional storage space. Second Floor 86.3 929 Pre-Tax Profit -£668,500,000 -£636,800,000 -£832,800,000 Total 303.9 3,271 Total Net Worth £3,128,100,000 £3,506,200,000 -£1,991,600,000 EPC PROPOSAL Available Upon Request. Offers sought in excess of £1,710,000 (One Million Seven Hundred and Ten Thousand Pounds) VAT for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects The property has been elected for VAT and we would expect the transaction to be treated as a Transfer of Going Concern (TOGC). an attractive net initial yield of 7% assuming purchaser’s costs of 6.19% For further information or to make arrangements for viewing please contact: Lottie Hayward Niamh Fleming Rob Elliott 020 7543 6750 020 7543 6731 01782 211160 [email protected] [email protected] www.allsop.co.uk [email protected] www.buttersjohnbee.com Misrepresentation Act: 1. Allsop LLP and Butters John Bee on their own behalf and on behalf of the instructing party of this portfolio whose agents Allsop and Butters John Bee are, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop nor Butters John Bee nor any of their members nor any person in their employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP and Butters John Bee is the trading name of BJB Professional Services Limited.
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