Lot

18

Alexander House, 72-77 St Matthew's Street, Ipswich, IP1 3EW

Property Enquiries

Rob Hills

rob.hills@bidx1.com
+44 (0)20 3929 8402

Viewings/Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Melissa Brett

melissa.brett@cms-cmno.com
+44 (0) 20 7367 3000

Description

Map

Viewings


Property Summary
  • On the instructions of the Fixed Charge Receivers
  • Freehold residential investment
  • 80 residential units (42 HMO / 38 Non HMO)
  • Asset management opportunity
  • Comprising Two adjoining Three and Five Storey Buildings
  • Two roof terraces
  • Total GIA approximately 1,622 sq m (17,461 sq ft)
  • Producing £301,000 pa (average over the last 3 years)
Location

Ipswich, with a population of 133,384 (2011) is a town in Suffolk, a county in eastern England. Set on the River Orwell, the town is located 75 miles to the north east of London, 52 miles east of Cambridge and 42 miles south of Norwich. The town benefits from excellent road links, with the A1156, A14 and A12 being close by. Ipswich Railway Station is on the Great Eastern Main Line, 0.7 miles to the south and journey time to London (Liverpool Street) are 1 hour and 10 minutes and Norwich are 42 minutes.
The property is located in a busy position on the corner of St. Matthews Street and Portman Road, approximately a quarter of a mile from the town centre. The town centre has a range of large high street retailers, bars, coffee shops and restaurants and the waterfront is lined with cafes, galleries . Nearby occupiers to the property include Tescos, Welch Pharmacy and Christchurch Park.

Description

The Main Block is arranged over 3 floors and comprises 58 units, 50 of which are self-contained. There are also 7 communal kitchens, living rooms and a roof terrace. The Mews Block benefits from lift access and is arranged over 5 floors, comprising 22 self contained units and a terrace on the third floor. All units are furnished, and are supplied by x7 and x2 combi boilers respectively.

Accommodation

80 units comprising –
x38 studios, x36 Bedroom units with en-suite bathrooms and
x6 Bedroom units with shared bathrooms.
x42 units have an HMO licence and x38 are self contained (Non HMO’s).
All the units are refurbished to a good and average condition, with basic specification.

Tenancy

The property currently ranges between 80-85% occupancy, on Assured Shorthold Tenancies (AST's) producing £301,000 pa (average over last x3 years, please refer to legal pack).
Full occupancy could produce a total income of approximately £350,000 (plus) per annum. (Buyer to make their own enquiries)
Over the last x3 years the property has produced an average income of £301,000pa. The costs for gas, electricity, water, repairs and some council tax contributions (38 out of 80 units) and 14% turnover for management are approximately £159,000. As a result, the property over the last 3 years has produced an average net income of £141,000 pa.

Planning

The property has potential for further development (subject to obtaining the necessary consents). Ipswich Borough Council (Tel 01473 432000) www.ipswich.gov.uk

VAT
Please refer to the legal documents.
EPC

Refer to the legal pack

*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted "subject to contract". Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. A minimum participation fee of £4,500 must be paid by all bidders who wish to partake in the auction. A participation fee of £4,500 is comprised of the £1,000 (inclusive of VAT) administration fee payable directly to BidX1 and £3,500 relating to your bidder security (partial deposit payment). A higher participation fee may be payable depending on the reserve price of the Lot. However, even in those circumstances, the administration fee shall remain at £1,000 (inclusive of VAT). The participation fee is fully refundable if you do not make the successful bid in relation to a Lot at auction. If you make a successful bid in relation to a Lot at auction your participation fee is non-refundable.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.







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