Ipswich commercial sites change hands for nearly £3m
- Credit: Archant
Penn Commercial has sold two significant investment portfolios in Ipswich on behalf of Cripps Commercial of Beccles.
The sales, which total £2.85 million in value, include 16 units of between 1,100 and 1,700 sq ft at Olympus Close in Whitehouse Road, and six units in Cavendish Street, including a property currently occupied by Newey & Eyre.
They have both been sold to a closed private equity fund, Pigeon Investment Management, which is based in Bury St Edmunds.
Penn Commercial is also disposing of three further investment opportunities with a total value of a further £4.15 million, also on behalf of Cripps Commercial.
These include Dencora Business Centre, which is also on Whitehouse Road, Altitude Business Park on Nacton Road, Ipswich and Stowmarket Business Centre.
Vanessa Penn of Penn Commercial said: “We were delighted to be appointed sole agents for the properties by Cripps Commercial. That’s quite a coup for us as a regional agency. They are divesting themselves of some of their commercial property, with a view to moving further into the residential market.
“It was never likely though that the portfolio would be sold as a whole. The 50 properties are reasonably scattered around the town and are quite management intensive. As well as the sale to Pigeon Investment Management, some of the properties on Altitude Business Park have been sold to tenants.
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“We have also been instructed by Cripps Commercial to act as asset managers at Dencora House. We will be dealing with rent reviews and is supervising the installation of air conditioning, the laying of new carpets and the fitting of new kitchens.
“The Brexit vote had an immediate impact on availability of property funds, but we have instead found cash purchasers who see the potential of these properties,” added Miss Penn.
“Commercial property remains in very short supply, and is therefore seen by many as a very sound investment.”