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Accommodation
The property provides the following net internal areas
| 26 Tavern Street | ||
| Zone A | 44.78 sq m | 482 sq ft |
| Zone B | 49.24 sq m | 530 sq ft |
| Zone C | 14.12 sq m | 152 sq ft |
| ITZA | 785 | |
| Ground Floor Total | 108.14 sq m | 1,164 sq ft |
| Basement | 110.09 sq m | 1,185 sq ft |
| First Floor | 184.22 sq m | 1,983 sq ft |
| Second Floor | 168.43 sq m | 1,813 sq ft |
| Third Floor | 31.77 sq m | 342 sq ft |
| Total | 602.64 sq m | 6,487 sq ft |
| 28 Tavern Street | ||
| Zone A | 29.26 sq m | 315 sq ft |
| Zone B | 28.89 sq m | 311 sq ft |
| Zone C | 4.18 sq m | 45 sq ft |
| ITZA | 482 | |
| Total Ground Floor | 62.34 sq m | 671 sq ft |
| Basement | 46.54 sq m | 501 sq ft |
| Total | 108.88 sq m | 1,172 sq ft |
A set of floor plans is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £840 + VAT.
EPC
| 26 Tavern Street | E | Valid until 7 October 2030 |
| 28 Tavern Street | D | Valid until 27 July 2030 |
Rateable Value
According to the valuation office website the rateable value for the commercial element of the property is as follows
| Unit | Description | Rateable Value |
| 26 | Shop and Premises | £54,000 |
| 28 | Shop and Premises | £25,250 |
Tenure
Freehold.
Tenancies
26 Tavern Street is let to Phone Fresh UK Limited on a full repairing an insuring lease, subject to a schedule of condition, for a term of 10 years from 8th August 2024, expiring 7th August 2034. The current passing rent is £40,000 per annum with a fixed uplift on 8th August 2026 to £42,500. There is an RPI-linked rent review on 7th August 2029, with an annual cap of 6%. Please note there is a rent deposit of £10,000 + VAT.
28 Tavern Street is let to Excelity Ltd on a full repairing an insuring lease, subject to a schedule of condition, for a term of 5 years from 23rd April 2021 to 22nd April 2026 with a passing rent of £32,000 per annum. The Landlord holds a rent deposit of £7,950 + VAT.
Hence, the property is producing a current total income of £72,000 per annum which will rise in August 2026 to £74,500 per annum. The vendor will “top-up” the income to ensure the purchaser receives an income from the outset of £74,500 per annum.
There is a service charge for 26 Tavern Street in relation to cleaning, maintaining, decorating, repairing and lighting the shared fire corridor. There is a service charge for 28 Tavern Street relating to the Retained Parts. Please refer to the service charge information in the data room for further information.
Rental and Capital Values
The rent for 26 Tavern Street equates to £37 Zone A, allowing between £1.00 – £2.75 per sq ft on the upper parts. The rent for 28 Tavern Street equates to approximately £57 Zone A reflecting the short lease.
Footfall in Ipswich town centre has increased recently by about 6% and recently lettings have included Hays Travel, Jamaica Blue Café, Yours Clothing with Holland & Barrett relocating to Tavern Street.
The adjoining unit at 24 Tavern Street was let to Yours Clothing in April 2025 on a 10-year lease, break at 5, at a rent equating to £57 Zone A. 19 Tavern Street was let to Hays Travel in April 2025 at £30,000 per annum, for a 10 year term, break at year 5, reflecting £54 Zone A.
Covenants
For the year ending 31st July 2023 Phone Fresh UK Limited (09133908) reported Net Assets of £50,972.
Phone Fresh UK Limited’s primary activity is a retailer of mobile phones. The company also sells accessories and fixes and repairs phones.
For the year ending 30th September 2023 Excelity Ltd (formerly trading as Gadgets4UK Enterprises Limited) (09576727) reported Net Assets of £31,990.
Excelity Ltd primary activity is a retailer of telecommunications equipment other than mobile telephones
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek offers in the region of £590,000 (Five Hundred and Ninety Thousand Pounds) subject to contract, reflecting a gross initial yield of 12%.
Please note that a purchaser will be re-charged the costs of the searches which are provided in the data room. Furthermore, the purchaser will be charged the cost of the measured survey (£840 + VAT) which will be readdressed to the purchaser.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
We are also instructed to sell the adjoining property 2-6 Dial Lane.
Investment Considerations
An opportunity to purchase a retail investment;
Prominent corner location on main shopping;
Opportunity to exploit the upper parts and enhance value;
Near to Buttermarket Shopping Centre and new Sports Direct store;
Freehold;
A purchase at the asking price reflects an attractive yield;
