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Summary
- Prime retailing pitch
- Retail unit let to Shoe Zone Retail Limited
- New lease from June 2023
- Secure income – Net Assets £39.5 million
- Vacant self-contained upper parts with planning consent for 2 x residential units
- Freehold
- £700,000, subject to contract
- Net Yield of 8.41%
- Implied attractive yield of 9.84% in respect of the retail accommodation
- £100,000 on the vacant upper parts compared to an exit value of £350,000
Location
Dorchester is an affluent county town in Dorset located 55 miles (88.5 km) east of Exeter, 61 miles (98 km) south of Bristol and 130 miles (209 km) south west of London.
This historic market town is a vibrant location for sightseeing, shopping and museums. The town benefits from being a tourist location, enjoying a rich history dating back to the Iron Age.
Dorchester sits conveniently by the meeting point of the A35, A37 and A354, providing excellent road communications to and from the town.
Dorchester South and Dorchester West railway stations provide regular and direct trains to London Waterloo station with the fastest journey time being 2 hours and 36 minutes.
Southampton airport is 55 miles (88.5 km) to the north-east and Heathrow airport is 110 miles (177 km) to the north east.
Situation
The property occupies a prime retailing pitch in the heart of Dorchester town centre on the pedestrianised South Street. Surrounding occupiers include Waterstones, Card Factory, Poundland, FatFace, New Look, Superdrug, Mountain Warehouse and WHSmith.
The entrance to Tudor Arcade is less than 500 feet to the north, on South Street. Anchored by a Waitrose store and 164-space car park, Tudor Arcade is an enclosed shopping mall extending to approximately 48,000 sq ft and features a mixture of well-known High Street brands along with local, independent retailers and F&B operators.
Dorchester South train station is less than 0.8 km (0.5 miles) to the south.
Description
The property comprises a retail unit arranged over ground and part first floor, along with vacant accommodation on the remainder of the first floor.
The ground floor retail unit is predominantly open-plan and has been fitted out to a high standard by the tenant in their usual corporate style. The part first floor provides ancillary accommodation.
The remainder of the first floor previously formed part of the former retail tenant’s demise. The Landlord has since undertaken separation works to make these upper parts self-contained and they now benefit from their own dedicated access from the ground floor at the front of the property via South Street (see Planning Consent section below).
There is a rear yard area accessed via Trinity Street.
