Former Hollywood nightclub building up for sale for £4.7m

Pertwee Estates' The Maltings in Ipswich

Pertwee Estates' Ipswich office development The Maltings is being offered up for sale for £4.7m alongside its as-yet undeveloped The Coalyard - Credit: Pertwee Estates

The developer behind the refurbishment of an Ipswich maltings which is now a multi-let office complex is offering it up for sale with a price tag starting at £4.7m or above.

The Maltings – which is home to tenants including Network Rail, Miller Insurance LLP, Planning Direct and Lonham Group Limited – was created by Pertwee Estates, which converted the former night spot on the town's Princes Street into workspace.

The historic building was once home to Hollywood, and later Kartouche and Zest nightclubs. It is believed to date back to around 1820 and was once the home of R & M Paul. 

The developer is also inviting unconditional offers for The Coalyard, a 0.36 acre (0.14 ha) site next door to The Maltings.

It comes with permission for another grade A office building measuring 18,870sq ft made from black glass and bricks on Chancery Road. Developers say the design pays homage to the celebrated Grade 1 listed Willis Building  which was designed by Sir Norman Foster and lies close by in Princes Street.

The design includes open break-out space and 7,000sq ft of terraces including a two-tiered roof terrace looking down to the Ipswich Waterfront. 

Penn Commercial - which is acting as agent working jointly with M1 Agency - said the development was "a key part" of the ongoing regeneration of the Ipswich Village and the Princes Street corridor commercial area.

Pertwee Estates managing director Mark Pertwee said:  “This is a great chance to take advantage of the now-recovering investment market and the build-up of funds looking for a suitable investment proposition with an attractive return."

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Vanessa Penn, managing director of Penn Commercial, said it  was "a rare opportunity" to purchase a Grade A office development right in the heart of Ipswich and close to the rail station.

"This award-winning landmark building has proved very popular with existing tenants, and represents an impressive potential yield for investors of 8%.” 

Will Bishop, surveyor at M1 Agency, described it as "attractively priced" and "well-located".

“The proposed plans for The Coalyard will enhance the site further and offer a unique opportunity to add significant value,” he said.

The Maltings contains 23,540 sq ft (2,186 sq m) of space over four floors and has a been built in a modern warehouse style with flexible space for a mix of businesses. It scooped an Award of Distinction from the Ipswich Society.

The building features exposed brick walls, beams and original columns and a central atrium linking the suites with a passenger lift. New rooflights and lightwells enable light to enter the centre of building, which comes with 34 car parking spaces.

The site is within a three minute walk of the railway station.