Freehold Town Centre Commercial and Residential Investment
- Prime town centre location in affluent West Country market town
- Passing Rent £77,133
- Strong national anchor tenant
- Fully refurbished in 2015
- Mixed use with three 2 bedroom flats and parking
Gillingham is a town in the Blackmore Vale within North Dorset. It is approximately 4 miles south of the A303 trunk road and 5 miles north west of Shaftesbury. It lies on the B3095 and B3081 roads. The town is well located for the A303 and benefits from a mainline railway station on the Exeter to London Waterloo line.
It is believed the town was established by the Saxons and it is a traditional market town supporting a wide and affluent rural hinterland.
The town is expanding rapidly with around 1600 houses planned as part of a £6.3m government funded (Housing infrastructure) ‘Southern Extension’ to include new roads, schools and employment units. Aldi are to be an anchor occupier.
The property is located in Newbury to the south east of the main retail centre of the town. Newbury in turn leads into the High Street. The adjacent occupier is Lidl with other occupiers in close proximity including Costa and a good range of local retailers. The Royal Lodge retirement scheme constructed by Churchill is close as is the towns RiversMeet Leisure Centre. Newbury is a thriving district of the town benefiting from both a dentist and doctors surgeries.
All other usual town centre amenities are within a short walk including Waitrose and the train station.
The property comprises a modernised building that was extensively redeveloped in 2015. The property is finished and fitted out to an extremely high standard.
Benefiting from excellent road frontage, the building comprises on the ground floor two commercial showrooms with residential upper parts. One of the units is a Carpet and Interiors shop and the other comprises extensive accommodation for Dignity Funeral Directors over two floors.
At the rear of the building is a communal courtyard providing rear access for the funeral directors together with ancillary accommodation including garaging for both Dignity and the residential tenants.
The first floor comprises three 2 bedroom flats each being fully self-contained. Access to the three flats is via their own entrance to the side of the building or rear door from the car port.
(The following areas have been taken off architects plans on a net internal basis)
Retail – 126 m2
Funeral Directors – 375 m2
Flat 1 – 51 m2
Flat 2 – 64 m2
Flat 3 – 83 m2
The property is held freehold including the shared rear access and courtyard. It should be noted that an upper floor storage room at the rear of the property has been sold on a long leasehold basis to the adjoining residential occupier.
The property is multi-let to five tenants at £77,133 pa. Of this figure approximately 30% is attributable to the residential units.
A significant part of the property is occupied by Dignity Funerals Ltd (Trading as Bracher Brothers established 1866) under a lease dated 2015 with an expiry date in 2030. The lease has a break date in 2025. The other commercial tenant is Cullingford Carpets Limited who have a 10 year lease with an expiry in 2025 and a 5 year break option.
The three flats are let on AST’s and fully managed by a local letting company.
The principal tenant is Dignity Funerals Ltd. Dignity owns over 800 funeral locations and operates 46 crematoria in the UK. The company comprises a collection of the UK’s finest funeral directors. In 2018 the company conducted 72,300 funerals and 65,200 cremations. It has in excess of 3,000 employees. The other commercial tenant (established1978) is Cullingford Carpets & Interiors, a family run local company with its headquarters and main showroom in Wincanton.
VAT is applicable however, the sale will be treated as a TOGC.
Please contact the Sole Selling Agents if you wish to view the site.
Chesters Commercial Ltd:
Telephone: (01935) 415454