Investment company snaps up town centre restaurant site ahead of auction
- Credit: Auction House East Anglia
A central Ipswich property has been snapped up by investors for an undisclosed sum — before it went under the hammer.
Merchant House at 26-28 Fore Street is home to Japanese restaurant Takayama, a tattoo studio and an MOT station.
The prominent three-storey building was bought up by Aarem Commercial Limited before it went to auction.
Agents Penn Commercial worked with Auction House East Anglia on the deal — and the auctioneers said the amount achieved “considerably exceeded” the guide price which is listed as £250k to £300k.
The property — which measures 344.5sq m (3,712sq ft) — includes the 44-cover restaurant on the ground floor and a tattoo studio on the first floor.
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The second floor is vacant. A single-storey extension at the back is used for motorcycle repairs, servicing and as an MOT station.
The three established tenants produce an income of £30,700 a year for the building.
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Paul Keen, senior associate at Penn Commercial, said: “This has been a race against time and the pressure has been to find a buyer before Merchant House went to auction, working closely with Auction House. We are pleased that we have been able to secure this deal and the best outcome for all parties involved.
“Furthermore, we are also delighted to be appointed as the ongoing management agency for this prestigious property, which is testament to the close relationship that we have built with Aarem Commercial.”
Mark Willett, regional manager at Auction House East Anglia, said the seller was “delighted” with the sale price, which considerably exceeded the guide price.
“We were pleased to work with Penn Commercial and effect this sale with an auction contract,” he said. “This is an prime example of how effective agent/auctioneer teamwork can be.”