An opportunity to acquire the freehold interest in an investment property. The property benefits from a sales area of 867 sq ft (80.5 sq m) with a further 770 sq ft (71.5 sq m) of ancillary accommodation provided over three floors.
The property is situated in an excellent position on St Mary's Street; within the towns main retail area, just a short walk from the marina to the west and the sandy beach to the east. The property is located close to many well-known retailers including; Boots, Vision Express, Vodafone, Three, Carphone Warehouse, EE, Saltrock, Holland & Barrett, McDonalds, The Works, Pandora etc. Tk Maxx, Cineworld etc can be found in the small shopping centre and car park nearby. Weymouth is also home to a wide range of various local retailers.
Weymouth is popular due to its coastal location and has further benefited from the 2012 Olympics. The town centre, and in particular St Mary's Street, experiences high levels of footfall, particularly in the summer months. The town's popularity continues to grow year on year and has a national reputation as an excellent holiday destination and a centre for water sports. Even during the winter months, when many towns are generally quieter, Weymouth receives a steady flow of visitors.
The property is situated in a prime pitch on St Mary's Street; within the towns main retail area, just a short walk from the marina to the west and the sandy beach to the east. The property is located close to many well-known retailers including; Boots, Vision Express, Vodafone, Three, Carphone Warehouse, EE, Saltrock, Holland & Barrett, McDonalds, The Works, Pandora etc. Tk Maxx, Cineworld etc can be found in the small shopping centre nearby. Weymouth is also home to a wide range of various local retailers.
The property comprises a ground floor retail unit with associated ancillary accommodation and welfare facilities over three floors. The retail area widens about halfway back to the right, and incorporates a changing room facility in the far right-hand corner. There is also a ground floor WC. Internal access from the front of the retail area, which could be extended to give access from the front of the shop, gives access to the upper floors. The first floor comprises a large room, kitchen and under stairs store plus WC, and the second floor comprises two rooms.
Ground floor retail area 867 sq ft (80.5 sq m)
Ground floor ancillary 144 sq ft (13.5 sq m)
First floor ancillary 316 sq ft (29.4 sq m)
Second floor ancillary 309 sq ft (28.7 sq m)
Total nia 1,637 sq ft (152 sq m)
Overall itza 582 sq ft (54.1 sq m)
Let to 'Weirdfish Limited' (Company Number 01543385)
Incorporated 1981, the business specialises in the design, manufacture and distribution of lifestyle clothing and accessories.
Financial statement for the year ended 31st December 201: Turnover £22,092,000. Gross profit £9,131,000 Net operating profit £998,000
Credit score of 95 - 'Secure' as of 5th October 2020
The property is let on a 5 year full repairing and insuring lease from 24 June 2020, expiring 23 June 2025 at a passing rent of £26,000 per annum.
Tenant only break option on the third anniversary of the term.
Weirdfish having been trading from this property since May 2015.
We are instructed to seek, £329,950 (Three hundred and twenty nine thousand, nine hundred and fifty pounds) for our clients freehold interest in this property, subject to contract and exclusive of VAT. This reflects a net initial yield of 7.6% after allowing for purchaser's costs of 3.62%.
We have been advised by the tenants that the following works have been organised:
Decoration: To the external elevation fronting St Mary's Street along with some internal areas.
Windows: The three windows at first floor level facing St Mary's Street are to be replaced.
The property has an EPC Rating of 77 (D). A copy of the EPC is available upon request.
Please note this property is not registered for VAT.
For further information or an appointment to view please contact either:-
Thomas Hewitt on or via email
Mike Nightingale on or via email
Agents note: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [c] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.
Miller Commercial is the trading name of Miller Commercial llp registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial llp is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial llp. VAT Registration No.