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
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
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.
< Back to latest news