Penn Commercial has negotiated the investment sale of the refurbished Ipswich office scheme, The Maltings – the former Hollywood nightclub – in Ipswich’s Princes Street, acting for a private client, with interests across Suffolk and Norfolk.
This is the second time that Penn Commercial has arranged the sale of the investment of the property – the first time being in late 2021.
The iconic Grade II-Listed Maltings building – believed to date back to around 1820 – was once the home of R & M Paul, and underwent an ambitious £3.5 million conversion to premium business premises by Pertwee Park Limited, opening as Grade A office suites in 2019.
The Maltings comprises 2,186 sq m 23,540 sq ft of fashionable ‘de-furbished’ warehouse-style offices, extending over four floors. The building is nearly 85% let to five high-quality tenants: Network Rail Infrastructure Limited, Miller Insurance Services LLP, Handelsbanken PLC, The Chaucer Group (Lonham Group) and Planning Direct.
These businesses will be unaffected by the investment sale of the building.
The investment sale also includes planning permission to develop ‘The Coalyard’, a 0.36 acre (0.14 ha) site, with approval for an eye-catching new four-storey Grade A office building, extending to 1,753 sq m (18,870 sq ft) within the footprint of the existing car park to The Maltings.
The Coalyard design of black glass and bricks pays homage to the Grade I Listed ‘Willis Building’ (designed by Sir Norman Foster) nearby, and provides considerable open break-out space, with terraces amounting to over 650 sq m (7,000 sq ft), including a two-tiered roof terrace, with spectacular views down to the Waterfront.
Vanessa Penn, Managing Director of Penn Commercial, said:
“Our client was looking for an investment property with an attractive yield and a solid tenant base, which the Maltings provides.
“This award-winning landmark building has proved very popular with the existing tenants, and the sale of the investment offered a rare opportunity to purchase a Grade A office development right in the heart of Ipswich and close to the rail station.”
The Maltings offices feature exposed brick walls, beams and original columns, and offer modern, flexible space for a mix of businesses of various sizes. The redevelopment received the coveted ‘Award of Distinction’ by the Ipswich Society.
The Maltings is strategically located on Ipswich inner ring road, close to the popular Waterfront, the University of Suffolk and the retail centre, as well as being just a three-minute walk from Ipswich rail station.
There is one remaining floor of The Maltings available to let, the stylist top floor, called ‘The Loft’ – formerly the VIP area of Hollywood nightclub! – comprising 330 sq m (3,555 sq ft), at an annual rent of £60,000, including five on-site car parking spaces.
Photo caption: Penn Commercial has negotiated the investment sale of iconic Ipswich Grade II-Listed office development, The Maltings, for a second time. [CREDIT: Penn Commercial].
For further information on Penn Commercial, visit www.penncommercial.co.uk
ENDS
Notice to Editors:
Penn Commercial was established by Vanessa Penn in 2007 and is celebrating its milestone 20th anniversary in 2027.
Award-winning Penn Commercial provides a personal and dedicated commercial property service, with over 80 years’ combined experience across East Anglia. Reinforced by unrivalled local knowledge across all commercial property sectors, including retail, business space, logistics, warehousing, industrial, land, investment and development, Penn acts for a range of private and public sector clients.
The Penn team has been based at Ipswich’s Fox’s Marina since 2009.
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