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SOLD STC

Tesco, Subway & 4 Residential Apartments, 67 Portland Road, Wyke Regis, Weymouth, DT4 9BE

Offers in Excess of
£2,350,000

£134.87 per sq. ft.

Business rates & charges may apply

Savills, Southampton - Licensed Leisure
SIZE AVAILABLE
17,424 sq. ft.
(1,619 sq. m.)
SECTOR
Convenience store for sale

Key features

  • Modern Convenience Store Retail & Residential Investment
  • The property is in a highly prominent position on Portland Road
  • The property was newly developed in 2018 and is far superior quality compared to local competition
  • Freehold site of 0.4 acres
  • WAULT to expiry of 16.77 years (11.17 years term certain) on the commercial element
  • The vendor is seeking offers in excess of £2,500,000 subject to contract

Property description

Tenure: Freehold

Description
Developed in 2018 the property has been purpose built to provide two commercial units on the ground floor with full height fenestration. There are 4 flats above at first floor which are accessed independently.
The building is brick built rendered in part with Trespa ‘slate’ cladding. Juliet balconies are provided to the flats along the south west (front) and north west (side) elevations. The 4 flats comprise 2 x 2 beds and 2 x 1 beds and all are fitted to a high specification.
Externally, the property benefits from 18 car parking spaces, with 4 reserved for the 4 flats. In the far rear corner adjacent to properties running along the north east edge of the site, there is a bin store for the flats and a cycle store.
Floor Plans are available upon request.

Location
The property is located in Wyke Regis in south Dorset which is a village on the south coast only 2 miles (3.2 km) south west of Weymouth with a population of approximately 5,500. Bournemouth is located approximately 38 miles (60 km) to the east, Yeovil is located approximately 29 miles (47 km) to the north and Exeter is located approximately 60 miles (100 km) to the west. More locally, Portland Harbour is located to the east, Chesil Beach to the west and the Isle of Portland to the South.
The property occupies a highly prominent position fronting Portland Road in the centre of Wyke Regis, with the predominant surrounding use being residential together with a number of shops and other uses within the immediate vicinity including schools, nurseries and a church.
The development is of far superior quality compared to local competition with the convenience store and takeaway unit being ideally positioned to service the surrounding population of Wyke Regis, as well as Portland and tourists to the area.

Tenure
Freehold.
The property occupies a site of 0.4 acres.

Covenant Information
Tesco Stores Limited (Co. No. 0519500).
Tesco is the UK’s largest supermarket with 27.3% market share (Sainsbury’s are second with 15.8%).
Tesco have over 3,780 stores and over 340,000 staff in the UK and ROI.

Subway Realty Limited (Co. No. 04174473).
The Subway brand is the world’s largest submarine sandwich chain with more than 44,000 locations worldwide. Today there are over 2,400 Subway outlets across the United Kingdom.

VAT
The property has been elected for VAT and therefore it is intended that the property will be sold as a ‘Transfer of a Going Concern’ (TOGC).

EPC
The units have the following EPC Ratings:-

Tesco Stores Limited: A 24
Subway Realty Limited: B 49
Residential - Flat 1: B 85
Residential - Flat 2: B 84
Residential - Flat 3: B 84
Residential - Flat 4: B 83

A copy of all the EPC’s are available upon request.

Residential Values
Residential Values
We are advised the open market value of residential flats are as follows;

Flat 1: £160,000
Flat 2: £165,000
Flat 3: £200,000
Flat 4: £190,000
Total: £715,000

Proposal
We are instructed to seek offers in excess of £2,500,000 (Two million, five hundred thousand pounds), subject to contract. A purchase at this level with the following apportionments reflects;
• £1,850,000 for the commercial element equating to a blended Net Initial Yield of 5.09% (based on 5.0% Net Initial Yield for Tesco and 6.0% for Subway), and;
• £650,000 for the residential element equating to £162,500 per flat.

Further Information
Further information is available on request.

Brochures

Tesco, Subway & 4 Residential Apartments, 67 Portland Road, Wyke Regis, Weymouth, DT4 9BE

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Weymouth Station1.7 miles
  • Upwey Station3.7 miles

Notes

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Disclaimer - Property reference 69442-1. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Savills, Southampton - Licensed Leisure. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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