Guide Price: £200,000 (Investment Property)
44/45 Coombe Street is a substantial town centre property (Grade II Listed) with a host of period features. It is built principally of rendered local stone with a slate roof.
About 20 years ago the building was comprehensively renovated and has provided 3 attractive self contained flats on the two upper floors which have been sold on 999 year leases at a nominal ground rent. On the ground floor are extensive restaurant premises of considerable character and these are let on a commercial lease and produce an excellent rental income (£15,500 per annum currently, increasing to £17,000 per annum in June 2022).
Coombe Street is at the heart of Lyme's Old Town with its origins reputedly going back to Saxon times. Much of the property here comprises old cottages and houses with a variety of shops, galleries and restaurants, and the historic Town Mill complex (with a working water wheel, museum, arts and crafts, brewery etc.)
Lyme Regis is a picturesque coastal town noted for its many character buildings, centuries old Cobb Harbour and unspoilt surrounding countryside. The town centre provides good shopping facilities for day to day needs and the larger centres of Taunton and Exeter are both about 28 miles away. There is a main line railway station at Axminster (6 miles inland). In Lyme Regis there is also a sailing club, bowls, golf course, theatre and numerous local societies.
The town is situated on the beautiful and unspoilt Devon and Dorset 'Jurassic Coast' awarded World Heritage Site status by UNESCO in December 2001.
The property will be sold with the benefit of a 12 year renewable lease on the restaurant premises from 28th June 2019, on full repairing and insuring terms. As stated above the flats are let on long leases at nominal ground rents of (£30 PA for each flat) and each contributes to the repair and maintenance of the building.
Dorset Council, South Walks House, South Walks Road, Dorchester DT1 1UZ
Strictly by appointment with the Vendor's Agents, Martin Diplock Estate Agents & Valuer, 36 Broad Street, Lyme Regis on (01297) 445500.