15 Broad Street, Lyme Regis
Guide price £180,000 Having knowledge of the purchase price allows you to calculate the overall expense incurred in acquiring the property. Read our glossary page
FREEHOLD INVESTMENT PROPERTY OCCUPYING A PRIME CENTRAL LOCATION IN LYME REGIS TOWN CENTRE.
Shop Premises let on a 11 year lease (Rent: £11,340 p.a., expiring 31st March 2027, with current 3 yearly rent reviews).
Residential Flat to Upper Floor, let on a prospective 999 year lease (currently being finalised and completed), at a nominal ground rent of £50 p.a.
A substantial and attractive 3-storey period property occupying one of the best and most prominent locations in Lyme's main shopping street.
The property is not VAT registered and VAT is not payable on the purchase price.
THE GROUND FLOOR SHOP PREMISES
About 32.5m sq
The ground floor shop premises are let to 'Papa Luca', a very successful and well established family run business, offering a mix of high quality gifts, fashions and furnishings, ranging from brand new through vintage to antiques. The shop also enjoys ths use of an open rear South West facing courtyard accessed via the back door with a small covered storage area.
In a shop like this a new letting or assignment is usually subject to a sizeable Ingoing premium.
We understand from the Landlord that the current proprietors (trading from the premises for 7 years) during their occupation have been model and exemplary tenants.
Please note that the business, Papa Luca, is not for sale and the above information is provided to outline the current lease arrangement and obligations of the tenants.
The Lease
The current Full Repairing and Insuring lease was granted in 2016, which was reviewed in March 2023 and uplifted to £11,340 p.a. with 3 yearly rent reviews thereafter. The Shop pays 30% of maintenance & insurance costs for the building. A copy of the lease can be made available to seriously interested applicants.
THE FLAT
The flat to the first floor (with its own ground floor entrance) is prospectively let on a 999 year lease from 1st January 2024 (currently being finalised and completed) at a nominal ground rent of £50 p.a.
The flat pays 70% of maintenance & insurance costs for the building.
A copy of this lease is also available.
MATERIAL INFORMATION
Local Authority: Dorset Council
Tenure: Freehold
We understand that his property is not registered for VAT. 15 Broad Street sits within a designated conservation area, but it is not a Listed Building.
VIEWING
Strictly by appointment with the Vendor's Agents, Martin Diplock Estate Agents of 36 Broad Street, Lyme Regis.
Council Tax A fee submitted to your local authority to cover expenses related to local amenities such as schools, libraries, and waste management. The payment amount is determined based on the property's value. Read our glossary page
Tenure Explains the various forms of property ownership, including freehold, leasehold, and commonhold, and how they determine your rights and responsibilities as a property owner. Read our glossary page :
Size The size of a property or land refers to its physical extent or area. Read our glossary page
ASK AGENT
Use Class A commercial use class refers to a classification system that categorises buildings based on their intended commercial purposes, such as offices, retail spaces, or industrial facilities. Read our glossary page
ASK AGENT
Read more
