Property for sale

LOCATION
Market Place is a traditional shopping street in Saxmundham, a small market town in East Suffolk (Pop approx. 4,100 – source: East Suffolk Coastal Local Plan) approximately 12 miles north of Woodbridge and 6 miles west of the coast at Aldeburgh. The county town of Ipswich is approximately 21 miles to the south. The railway station has regular services to Lowestoft and Ipswich from where there are trains to London Liverpool Street. The station is within a 5-minute walk from the property.
Saxmundham is located some 8 miles west of Sizewell/Leiston where the Planning Inspectorate and Central Government have approved the construction of Sizewell C which will be an extension to the existing Nuclear Power Station and which will be constructed by EDF. Enabling works have recently commenced which will lead inevitably to increased business and construction activity in the surrounding area.
Retail in Saxmundham is focused along Market Place and The High Street. There are very few multiple retailers in the area with a range of independents including art galleries, hairdressers, and small cafes/take-outs. There are two supermarkets serving the town: a Waitrose to the southeast of the High Street and a Tesco on Church Street opposite.

DESCRIPTION
6-8 Market Place is a circa 1840 Grade II Listed building over 3 storeys, comprising a shop at the front with residential accommodation (which has been sold off on a long lease). The shop front has recently undergone significant external redecoration and improvement works. The ground floor to the front has a plate glass display window along the full length of the frontage with windows on the upper floors fitted with single glazed timber frames. There are two small plate glass shop display windows on the ground floor at the front overlooking Market Place. Retail space at 6/8 Market Place is accessed via a recessed shop front situated at no 8 Market Place.

The property benefits from mains gas, electric, water and drainage.

ACCOMMODATION

We have measured the property in accordance with the RICS code of measuring practice and have calculated the following net internal area:

Market Place                            Sq M           Sq Ft
No 8 sales                                31.05           334
No 6 sales                                17.91           193
No 8 Store                                6.42             69
No 8 store/office First floor      27.89           300
No 8 store Second floor           16.05           173
Total                                          99.31           1,069
Total ITZA                                 46.96            527

RATEABLE VALUE
The subject has a current rateable value of £8,700. The small business rates multiplier is 49.9 pence.

These figures are provided as a guide only, interested parties are advised to confirm this with the local rates authority.

EPC
Not applicable as the building is listed.

PLANNING
The building is located in a conservation area and the building is listed.

Tenancy
The premise is let to ALGORIAL RETAIL LTD (Co Number: 12879930) on a 10-year FRI lease commencing on 24 September 2021. The passing rent is £16,750 per annum with an open market rental upwards only rent review in year 5.

Asset Management opportunities
Market Place is let until September 2031 with no breaks leaving an unexpired lease term of 7 years and 8 months. The rent review in year
5 provides the purchaser with an opportunity for rental growth.

Tenure
The property is held on freehold under the title number SK279073.

Proposal
Seeking offers in excess of £225,000, reflecting a Net Initial Yield of 7.25% (subject to contact).

NOTES

1.  Every care has been taken with the preparation of these particulars, but complete accuracy cannot be guaranteed.  If there is any point, which  is of particular importance to you, please obtain professional confirmation. Alternatively, we will be pleased to check the information for you.  These Particulars do not constitute a contract or part of a contract.  All measurements quoted are approximate.  The Fixtures, Fittings & Appliances have not been tested and therefore no guarantee can be given that they are in working order.  Photographs are reproduced for general information and it cannot be inferred that any item shown is included.  No guarantee can be given that any planning permission or listed building consent or building regulations have been applied for or approved. The agents have not been made aware of any covenants or restrictions that may impact the property, unless stated otherwise.  Any site plans used in the particulars are indicative only and buyers should rely on the Land Registry/transfer plan. 

2. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 require all Estate Agents to obtain sellers’ and buyers’ identity.

February 2024