Guide price
£375,000
Retail premises for saleChurch Lane, Sherborne, Dorset DT9
About this property
Fully let mixed use town centre investment opportunity comprising a shop and two well specified self-contained flats on the upper floors.
| Shop let on a 12 year lease from April 2016
| Combined rental income of £29,136 pa
| Gross initial yield of 7.24% based on guide price
| Affluent market town
Location
Sherborne is an affluent market town situated in north west Dorset. The Town Centre is situated just south of the A30 which links Yeovil to the West (6 miles) and Shaftesbury to the east (16 miles). The property lies on a busy pedestrian walkway which connects Cheap Street and Sherborne’s historic 8th century abbey and neighbouring Sherborne School. Many national retailers are represented in the Town including Tresspass, Rohan, Fat Face, Caffe Nero, Reeve The Baker, Crew Clothing an Costa. There are also a good number of quality independent retailers in the location. Sherborne’s mainline railway station lies to the south of the Town Centre.
Description
The premises comprise an attractive mid-terraced, Grade II Listed property with stone elevations under a pitched slate roof, its frontage incorporating a display window to the shop and with traditional sash windows to the upper parts. The shop has front and rear retail areas together with a rear store. The two flats are accessed via a separate entrance to the right hand side of the shop which leads to a shared staircase to the first and second floors. The 2-bed flat on the first floor has recently been re-let having been fitted with a new kitchen and bathroom. Both flats have electric heating.
Accommodation
Shop
Approximate Net Internal Areas
m2 ft2
Shop frontage 6.2 m (20’4”)
Shop depth 5.75 m (18’10”)
Retail sales (front area) 33.23 359
Retail sales (rear area) 10.98 118
Store 11.58 125
Kitchenette 4.62 50
Total 60.41 651
Tenure
Freehold subject to the following leases/ tenancies:
Shop
Let on an effectively full repairing and insuring lease for a term of 12 years from 1 April 2016. The lease provides for 4 yearly rent reviews and the rent has recently been reviewed to £10,000 per annum.
First Floor Flat (2 bed)
Let on an AST for a term of 6 months commencing 30th May 2025 at a rent of £885 pcm (£10,620 pa).
Second Floor Flat (1 bed)
Let on a periodic tenancy (the initial term having expired) at a rent of £543 pcm (£6,516 pa).
Price
Offers in the region of £375,000 reflecting a gross initial yield of £7.24% based on the aggregate current rental income of £27,136 per annum.
We understand that VAT will not be chargeable.
Business Rates/ Council Tax
3 Church Lane - Rateable Value: £11,250
Flat 1 - Council Tax Band ‘B’
Flat 2 - Council Tax Band ‘A’
Services
We are advised that the shop and flats are separately serviced for electricity and water.
Caution
Woolley & Wallis Commercial have not tested the services mentioned in these particulars.
Planning
Prospective purchasers must satisfy themselves as to the permitted planning uses for the property.
Energy Performance Certificates
Shop: Awaited
First Floor Flat: ‘D’ (55)
Second Floor Flat: ‘D’ (65)
Viewing
Strictly by appointment only through the joint sole agents Woolley & Wallis Commercial
| Shop let on a 12 year lease from April 2016
| Combined rental income of £29,136 pa
| Gross initial yield of 7.24% based on guide price
| Affluent market town
Location
Sherborne is an affluent market town situated in north west Dorset. The Town Centre is situated just south of the A30 which links Yeovil to the West (6 miles) and Shaftesbury to the east (16 miles). The property lies on a busy pedestrian walkway which connects Cheap Street and Sherborne’s historic 8th century abbey and neighbouring Sherborne School. Many national retailers are represented in the Town including Tresspass, Rohan, Fat Face, Caffe Nero, Reeve The Baker, Crew Clothing an Costa. There are also a good number of quality independent retailers in the location. Sherborne’s mainline railway station lies to the south of the Town Centre.
Description
The premises comprise an attractive mid-terraced, Grade II Listed property with stone elevations under a pitched slate roof, its frontage incorporating a display window to the shop and with traditional sash windows to the upper parts. The shop has front and rear retail areas together with a rear store. The two flats are accessed via a separate entrance to the right hand side of the shop which leads to a shared staircase to the first and second floors. The 2-bed flat on the first floor has recently been re-let having been fitted with a new kitchen and bathroom. Both flats have electric heating.
Accommodation
Shop
Approximate Net Internal Areas
m2 ft2
Shop frontage 6.2 m (20’4”)
Shop depth 5.75 m (18’10”)
Retail sales (front area) 33.23 359
Retail sales (rear area) 10.98 118
Store 11.58 125
Kitchenette 4.62 50
Total 60.41 651
Tenure
Freehold subject to the following leases/ tenancies:
Shop
Let on an effectively full repairing and insuring lease for a term of 12 years from 1 April 2016. The lease provides for 4 yearly rent reviews and the rent has recently been reviewed to £10,000 per annum.
First Floor Flat (2 bed)
Let on an AST for a term of 6 months commencing 30th May 2025 at a rent of £885 pcm (£10,620 pa).
Second Floor Flat (1 bed)
Let on a periodic tenancy (the initial term having expired) at a rent of £543 pcm (£6,516 pa).
Price
Offers in the region of £375,000 reflecting a gross initial yield of £7.24% based on the aggregate current rental income of £27,136 per annum.
We understand that VAT will not be chargeable.
Business Rates/ Council Tax
3 Church Lane - Rateable Value: £11,250
Flat 1 - Council Tax Band ‘B’
Flat 2 - Council Tax Band ‘A’
Services
We are advised that the shop and flats are separately serviced for electricity and water.
Caution
Woolley & Wallis Commercial have not tested the services mentioned in these particulars.
Planning
Prospective purchasers must satisfy themselves as to the permitted planning uses for the property.
Energy Performance Certificates
Shop: Awaited
First Floor Flat: ‘D’ (55)
Second Floor Flat: ‘D’ (65)
Viewing
Strictly by appointment only through the joint sole agents Woolley & Wallis Commercial
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