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.
( Agency Pilot Software ref: 52709 )
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
Accommodation
No 8 sales 31.05 sq m (334 sq ft )
No 6 sales 17.91 sq m (193sq ft )
No 8 Store 6.42 sq m(69 sq ft )
No 8 store/office First floor 27.89 sq m (300 sq ft )
No 8 store Second floor 16.05sq m ( 173sq ft )
Total 99.31 sq m (1,069sq ft )
Total ITZA 46.96sq m ( 527sq ft )
Terms
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).