Savills | Farmfoods, 90 Bramford Road, Ipswich, IP1 2LL | Property for sale
4,532 sq ft(421.04 sq m)
£1,200,000

Farmfoods, 90 Bramford RoadIpswich, IP1 2LL

  • Under offer
  • Freehold

Key features

  • Attractive Freehold Commercial Investment
  • Farmfoods have renewed their lease on a new 10 year term from 14 June 2021
  • Farmfoods have renewed their lease on a new 10 year term from 14 June 2021
  • Strong trading convenience store
  • 4,532 sq ft (421 sq m) Total Gross Internal Area
  • 26 exclusive parking spaces
  • £63,000pa of rental income
  • Low overall rent per sq ft of £13.90 psf
  • Five yearly upwards only open market rent reviews
  • Purpose built building only 15 years old and in excellent condition

Attractive Commercial Investment

About this property

  • Description
    The convenience store was purposely built approximately 15 years ago, together with the adjoining residential apartment block (Ref 02/01190/Ful) for 13 units. Farmfoods have occupied the whole building since its erection, which is detached with a pitched tiled slate roof. Full height fenestration is provided on the front and part west elevation.
    The unit measures approximately 4,532 sq ft (421 sq m) and is rectangular in shape with rear servicing access.
    Externally there are 26 exclusive marked parking spaces.
    The freehold site measures approximately 0.3419 acres (0.1384 ha).

    Tenure
    Freehold subject to the renewed Tenancy.

    Tenancy
    The whole building and car park is let on a 15 year full repairing and insuring lease from 14 June 2006. The Tenant has entered into a new reversionary lease for a term of 10 years from 14 June 2021, expiring 13th June 2031, with 5 yearly open market rent reviews at a passing rent of £63,000pax.

    Covenant
    The lease is let to Farmfoods Ltd which is a frozen food specialist and was established in Scotland in 1954 and now operates more than 300 outlets across the UK with approximately 4,779 employees.
    Farmfoods Ltd have been given a Dun and Bradstreet rating of ‘5A2’ which represents a low risk of business failure. Turnover for year end 2 January 2021 was £892,498,000 with a pre-tax profit of £26,240,000. The company’s tangible net worth is approximately £125,157,000 and therefore can be considered a strong covenant capable of meeting its
    lease obligations.

    Rateable Value
    The Rateable Value for the individual unit is detailed below. The current Multiplier for England and Wales is £0.512.
    • Farmfoods £27,500

    EPC
    The property has been given an Energy Performance Rating of ‘C57’. The EPC will be provided to seriously parties upon request.

    VAT
    The property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC.

    Anti-Money Laundering Regulations
    In accordance with Anti-Money Laundering Regulations, the preferred purchaser will be required to provide identification and proof of address, prior to exchange.

    Price
    Offers in the order of £1,200,000, representing 4.96% NIY are invited.

    Viewing
    For a formal viewing, strictly by appointment with Savills.

Local information

  • 0.5 north west of Ipswich town centre
  • 90 miles north-east of Central London
  • 23 miles north-east of Colchester
  • 35 miles south-east of Bury St Edmunds
  • Ipswich is the county town in Suffolk and is located on the estuary of the River Orwell, in the east of England. The subject property is located approximately 0.5 miles north west of the centre of Ipswich on Bramford Road. Bramford Road (B1067) is one of the main arterial roads linking the centre of Ipswich with the surrounding suburbs.
  • The property is well connected by road with the A1214 100m to the north and the A14 linking the A1 to the north-east. Rail connections provide a service to London Liverpool Street Station from Ipswich Train Station with a journey time of approximately one hour and 13 minutes.

Energy performance

EPC Rating is C (57)

Available space

Floor / UnitTypeSizeStatus
Building-4532 sq ftAvailable