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Debenhams 2–8 Westgate Street and 1-5 & 7 Cornhill

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DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH Prime Town Centre Investment / Development Opportunity For Sale on behalf of the Joint Fixed Charge Receivers, NJ Pask & RJ Goode DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH INVESTMENT SUMMARY • Department store investment / redevelopment • Landmark store totalling 182,008 sq ft arranged opportunity, prominently located within Ipswich over basement, ground, and two upper floors. Town Centre. • Freehold. • Ipswich is the historic, cultural and economic • Let to Debenhams Retail plc on a turnover centre of the County of Suffolk and a major hub lease, with flexible landlord breaks from 31 for the East of England. January 2022. • Frequent train services to London Liverpool • Significant redevelopment potential to a variety Street with a journey time of only 1 hour 15 of alternative uses. minutes. • Opportunity to adapt to a suggested trend in • 100% prime location in the heart of Ipswich demand for out-of-London living and in-town fronting the dominant retail pitch. amenities. THE PROPOSAL Offers sought in excess of £5,500,000 (Five Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of only £30 per sq ft. DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH The property is situated in the heart of Ipswich in the prime pedestrianised pitch with excellent frontage on to Cornhill, the main market square and focal point of activity for the town. DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH LOCATION Ipswich is the historic market town of Suffolk in East Anglia, located on the River Orwell approximately 65 miles to the north east of London. Other nearby centres include Norwich (45 miles to the north), Cambridge (50 miles to the north west), Chelmsford (35 miles to the south west) and Colchester (16 miles to south west). A12 provides links to London and the M25. KIMBOLTON B106 A14 provides access to the port 7 of Felixstowe to the southNORTHAMPTON east BURY ST 14 A14 EDMUNDS DEBENHAM 13 and Bury St Edmunds and CAMBRIDGE STOWMARKET 15 CAMBOURNE 12 M11 N Christchurch D Cambridge to the north west. O A 11 WICKHAM R W Park O MARKET Crown R IC BOLTON H William St R N The A14 has recently benefited EMBERTON SANDY OAD A14 O T L M1 10 from Britain’s biggest road CROWN STREET O B 9a A1156 Tower Ramparts IPSWICH MARTLESHAM ST 9 IPSWICH E T M project, a £1.5bn upgrade. 14 V S TRAIN STATION A A ROYSTON Black Horse Ln R MILTON KEYNES SUDBURY HADLEIGH R CLIFTON DS E G 13 Wolsey Y A M11 O W M1 L L R 10 L O O Spiral M E T BLETCHLEY FLITWICK W T HA U W NDFORD S OO ROAD Sailmakers E DB RD A1(M) S T RIDGE E R R U Shopping Centre Elm St B E 9 F M E 12 FELIXSTOWE R R T O S MANNINGTREE PORT A HALSTEAD O T N Buttermarket HARWICH ELM K 11a C 8 ST S I Centre S S T T MAN H STEVENAGE E C LE 11 Total N STANSTED Upper S S COLCHESTER A T 7 PUCKERIDGE AIRPORT Buttermarket Barclay St Fast and frequent service to DUNSTABLE N BRAINTREE NCP QUAINTON R LUTON 8 W RIARS S O F T AIRPORT THORPE-LE-SOKEN A T 10 A London Liverpool Street in 1 Y TA E C ST 4 W D KE L E T ST 6 E R 5 S Cromwell Square 1 EL T hour 15 minutes. AYLESBURY 9 T 1 M1 NCP S E W A TRING E T Q R HERTOFORD N E T NCP D A1(M) D Ipswich E U S M11 R R O 4 O T E A AD Football Club S E HARLOW ON N ER W HEMEL S I 8 E P ST ALBANS S 3 C AT M HEMPSTEAD T I 7 N I UP R CHELMSFORD ND R G 6a 21a P 21 22 OU F 6 6 Cineworld 5 20 1 M25 1 1 23 TAR A 24 6 S LA 19 25 26 NE 27 5 Cardinal Park A137 T 18 WATFORD CO E Stansted Airport located BARNET R LLE E M25 A GE ST R HIGH 17 4 N 5 EL WYCOMBE M11 AGH CO BRENTWOOD R MME D 53 miles to the west 4 M25 M1 O RCIAL ROA 3 2 WOODFORD 28 RAYLEIGH AD 2 4 V ROMFORD accommodates over 22 M40 BASILDON B E 1 LONDON 10 R 16 29 7 1a 1 SOUTHEND AIRPORT 5 N million passengers a year. WEMBLEY O LIVERPOOL ROAD N MAIDENHEAD TRAIN STATION S Haven Marina CANVEY ISLAND T 9b LONDON CITY R 9a 7 6 M4 E 15 AIRPORT 5 4b 4 3 2 LONDON RIVER THAMES E 1 31 T GRAYS Ipswich Train Station M4 14 HEATHROW AIRPORT WELLING 13 DARTFORD 10 1a BRACKNELL 1 2 12 M2 ISLE OF 2 1 M3 3 ROCHESTER SHEPPEY 1 M20 MARGATE CROYDON ORPINGTON 2 11 RAINHAM 3 M3 4 EPSOM 3 4 5 RAMSGATE 10 4 9 2 M2 4 7 4a 9 2a 5 6 6 M25 5 7 FLEET CATERHAM M26 M20 8 SEVENOAKS MAIDSTONE 8 7 6 8 ALDERSHOT M25 LENHAM DORKING AYLESHAM FARNHAM M23 DEAL GODALMING WYE DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH SITUATION The property is situated in the heart of Ipswich in a prime pedestrianised pitch with excellent frontage on to Cornhill, the main market square and focal point of activity for the town. The property sits in close proximity to the Sailmakers and the Buttermarket covered shopping centres, benefiting from excellent footfall. Cornhill acts as the epicentre of the town with restaurants, hotels, Town Hall, and market stalls all situated in the historic market square. Cornhill’s public realm underwent a £3.8 million upgrade in 2018, with art installations and fountains added to the square, creating additional dwell time. Further access is provided from the east on Lloyd’s Avenue. Rear access and servicing to the store comes from Tower Ramparts which provides further prominence on the busy A1156 road. There is a wide range of parking facilities including the new 536 spaces multi-storey Crown car park immediately to the north. Nearby retailers include Primark, M&S, WH Smith, JD Sport, Boots, Clarks and Office. The property is situated in the heart of Ipswich in the prime pedestrianised pitch. Nearby retailers include Primark, M&S, WH Smith, JD Sport, Boots, Clarks and Office. DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH DEMOGRAPHICS The town operates as the main centre of business for the county with major employers and occupiers including Axa, Churchill, Willis and Ipswich Building Society. In addition solicitors Eversheds Sutherland, Ashtons Legal and accountants Ensors and Grant Thornton occupy in the town. Ipswich has a population of 284,000 and in 2017 was voted the 7th most desirable place to live in the UK. The town’s population continues to grow as people are drawn to the award winning parks, flagship wildlife destinations and two areas of outstanding natural beauty nearby. The town benefits from a bustling public realm, retail and cultural attractions as well as excellent schools and quality of life. POPULATION MOST DESIRABLE OF 284,000 PLACE TO LIVE Recent trends have reduced the daily reliance on London and accelerated interest in towns such as Ipswich, whereby greater housing affordability can provide a higher standard of living, which coincides with the rise of home-working and increased emphasis on work life balance and wellbeing. This shift in working and living practices is resulting in a greater number of people spending more time locally increasing footfall and local spend, driving the local economy and occupational demand. DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH ORWELL BRIDGE RIVER ORWELL UNIVERSITY SUFFOLK NEW P OF SUFFOLK HAVEN MARINA COLLEGE P REGENT THEATRE P CARDINAL PARK BUTTERMARKET CENTRE IPSWICH TRAIN STATION SAILMAKERS SHOPPING CENTRE IPSWICH TOWN CENTRE IPSWICH CORNHILL CROWN COURT P IPSWICH IPSWICH BOROUGH FOOTBALL CLUB COUNCIL P CROWN CAR PARK P WOLSEY CAR PARK SUFFOLK COUNTY CROWN POOLS COUNCIL LEISURE CENTRE P SPIRAL CAR PARK DEBENHAMS 2–8 WESTGATE STREET AND 1-5 & 7 CORNHILL IPSWICH IP1 3EH DESCRIPTION FLOOR PLANS STORAGE STORAGE LIFT LIFT LIFT LIFT W/C FITTING The property comprises a prominent, purpose built department Plans are available in STORAGE ROOM STORAGE store, arranged over basement, ground, first and second floors the data room. CIRCULATION PLANT totalling 182,008 sq ft. LIFT PLANT STORAGE COFFEE SHOP The main entrance to the building is from Westgate Street with FRONT STORAGE further public access to the east from Lloyd’s Avenue and from Tower ENTRANCE Ramparts to the rear of the property. Part of the Westgate Street frontage is Grade II listed. CIRCULATION LIFT LIFT LIFT LIFT The property occupies a site of 1.36 acres (0.55 hectares). STORAGE RETAIL STORAGE FRONT ENTRANCE FIRE EXIT STORAGE STORAGE ACCOMMODATION STORAGE FIRE EXIT FRONT ENTRANCE DESCRIPTION USE GIA SQ M GIA SQ FT BASEMENT GROUND Basement Retail 2,440.02 26,264 STORAGE FIRE EXIT STORAGE Ground Retail 4,764.13 51,281 STORAGE CIRCULATION LIFT LIFT LIFT STORAGE PERMANENT CIRCULATION CHANGING First Retail 4,593.46 49,444 STORAGE ROOM STORAGE KITCHEN W/C OFFICE STORAGE RESTAURANT STORAGE CHANGING ROOM PLANT LIFT W/C Second Retail 4,629.40 49,830 CHANGING LIFT OFFICE LIFT ROOM LIFT W/C LOADING STORAGE BAY CLEANER'S Roof Plant 482.05 5,189 CUPBOARD CANTEEN W/C OFFICE TOTAL 16,909.06 182,008 OFFICE W/C OFFICE W/C STORAGE W/C OFFICE CIRCULATION PRE Chartered Surveyors have undertaken a full measured survey STORAGE CIRCULATION OFFICE LIFT LIFT LIFT LIFT W/C PLANT which is available in the data room and can be assigned to a OFFICE W/C FIRE EXIT STORAGE STORAGE purchaser.
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