Property consultant Eddisons, along with joint agent Fenn Wright, has sold a 29,000 sq ft bingo hall in Ipswich for close to the asking price of £5.5m.
The detached property, on a 2-acre site on Ipswich’s Orwell Retail Park, is occupied by Gala Bingo and generates an annual rental income of £377,138.
Abdul Jambo, associate director at Eddisons, said: “Properties generating this scale of returns and with a good lease length are becoming increasingly rare in Ipswich.
“With nine years remaining on its lease and a healthy rental income of not far off £400,000 a year, the building was an excellent prospect and we are really pleased to have completed the deal for very close to the asking price.”
Eddisons has also been appointed to auction a number of other properties in Ipswich including a 78,000sq ft premises on Carr Street that is fully let to Poundland until 2023, and which generates a rental income of £250,000 a year. The property, which also has a basement and car park, offers long-term redevelopment potential and is expected to achieve in excess of £4.25m.
The auction takes place in Leeds on 25 February, with the full catalogue available to view at www.eddisons.com/property-auctions
With nine years remaining on its lease and a healthy rental income of not far off £400,000 a year, the building was an excellent prospect and we are really pleased to have completed the deal for very close to the asking price
Abdul is an Associate Director in the Valuation Services department, and is based in London.
Involved in RICS ‘Red Book’ valuations, Agency and Fixed Charge Receiverships, he also advises banks and insolvency practitioners on transaction activities, asset management and general property advice.
Prior to joining Eddisons in 2011, Abdul was a senior surveyor within the valuation and agency departments of a firm of chartered surveyors. He has managed and transacted a number of diverse and often complex cases, including commercial and residential property, development land and some specialist assets (including a sale of an airport).
Abdul has an MA in European Real Estate from Kingston University, is an RICS Registered Valuer and RICS Registered Property Receiver (MRICS/RPR) as well as a Fellow of the Association of Property and Fixed Charge Receivers (FNARA).