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East Anglia Future 50

Ipswich Gala bingo hall is sold in a mult-million pound deal

PUBLISHED: 12:01 23 February 2016 | UPDATED: 12:01 23 February 2016

Gala bingo hall, Ipswich

Gala bingo hall, Ipswich

Archant

Strong demand for commercial investment property in Ipswich

Gala Bingo - library photoGala Bingo - library photo

The Ipswich Gala bingo hall, close to Ranelagh Road, has been sold in a multi-million pound deal.

Property consultant Eddisons has sold the 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 Ipswich properties 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 February 25.

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