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Buttermarket Ipswich

May 2014

EWS INSTRUCTED AS JOINT AUCTIONEERS

Martin & Newby is a name that has more than made its mark in the annals of Ipswich shopkeeping history.

 

It was the hardware, ironmongers and general store, opened in 1873, which stocked literally everything, where customers really came first and visiting the shop, on the corner of Orwell Place and Fore Street, was like stepping back in time - to a world that time forgot.

 

Now its former premises - converted into five shops and 21 apartments back in 2005 - is in the spotlight again as the freehold is going under the hammer on May 21 '14.

 

It's been put up for sale by David Dunckley, of Grant Thornton UK, acting as administrator for the current owner ESL Services Ltd.

 

And with a guide price of £250,000, the Martin & Newby site is being regarded by the experts as an excellent investment opportunity for a piece of real estate that offers a history and a handsome annual rental return too.

 

Set in a conservation area, close to Ipswich Waterfront, and partly Grade II Listed, the building was regarded as being so important to central Ipswich that its original shopfront, on Fore Street, was retained unaltered during its conversion 9 years ago.

 

Little wonder joint auctioneers Goldings and EWS Chartered Surveyors are anticipating interest from buyers right across the UK.

 

Auctioneer Tim Golding described it as a rare "high yielding" mixed stock investment opportunity - current annual returns from ground rents and residential and commercial leases are yielding 12.5 per cent a year, but potentially, he said, this could rise to 16.5 per cent, as two of the shops are vacant.

 

The auction will take place at Wherstead Park at 2.15pm on May 21.

 

For more information, please contact EWS on 01473 216200 or Goldings Auctions 01473 210200.

 

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