Freehold investment sold at Star Lane, Ipswich
Penn Commercial were instructed on the Star Lane, Ipswich unit development in 2014 to enhance the investment and in turn allow Investec Bank to bring it to the market with the joint receivers this year. In partnership Penn Commercial have successfully brought the premises, under auction, to the market for the price in excess of £1 million. The investment has been sold to Lymevale Developments Ltd in Berkshire C/O Heywoods & Partners Ltd in London. The units are fully let and generate an annual income of over £83,000 exclusive.
The site is in a prominent position on the Ipswich inner ring road one way system and comprises three retail units including Harpers Furniture, Bears Pool & Snooker and Stylish Furniture, with more than 30 car parking spaces and garage/workshop premises.
It is on a site of approximately 0.871 acres.