No longer on the market
This property is no longer on the market
MapRetail property (high street)
Retail property (high street)
1456
Features and description
- Double fronted unit in prominent location fronting Ferndown’s principal retail thoroughfare.
- Well secured investment with Tenant in occupation for in excess of 20 years.
- 15 year lease from March 2023 (To B at Year 10).
- Freehold interest.
- Price: £335,000 exclusive
The property comprises a double fronted ground floor retail unit (originally two shops) that benefits from rear loading access via a communal service road. 20 free communal customer car parking spaces are provided directly to the front of the unit. Internally the property is fitted to a high standard, commensurate with its current use as a hair salon. The property includes rear w/c accommodation and studwork formed store rooms.
We have measured the property with an approximate net internal area of 135.2 sq m (1,456 sq ft).
Two residential flats are located above the ground floor retail unit. These flats benefit from separate ground floor garages and have previously been sold off on long leasehold interests (see Tenancy).
Ferndown is an affluent east Dorset town located approximately 7 miles to the north of Bournemouth and 6 miles to the south west of Ringwood. The property is located in a highly visible position within an established and popular retail parade fronting Victoria Road which is the main retail thoroughfare. Nearby occupiers include Iceland, Costa, Poundland, Holland and Barrett, Boots, Pets Corner, Tesco Superstore, as well as a number of quality independent retail and leisure occupiers.
Freehold
Scissors Franchise Company Ltd is a group company of Francesco Group (Holdings) Limited which is a well-established hair salon business with 37 salons trading in the UK. A Franchisee operates the business under the
group umbrella via a Franchise Agreement.
The Tenant and Franchisee in Ferndown has been operating the business in this location for in excess of 20 years.
Retail Unit
Let to Scissors Franchise Company Ltd (subject to a Guarantee provided by Francesco Group (Holdings) Limited) on FRI terms for 15 years from 25th March 2023. There are open market, upward only rent reviews at every third anniversary of the term. The Tenant trades as ‘Francesco Hair Salon’.
The lease is due to expire 24th March 2038 subject to a tenant only break clause on 25th March 2033 subject to 6 months notice.
The Rent Passing is £31,000 per annum exclusive.
Residential Flats
50A Victoria Road
Term: 189 years from 30/12/1968 (expires 30/12/2157)
Rent: Peppercorn
48A Victoria Road
Term: 99 years from 29/09/1968 (expires 29/09/2067)
Rent: £10 pa
£335,000 exclusive.
A sale at this level reflects a Net Initial Yield of 8.93% after allowing for standard purchasers costs.
The property has an energy rating of C-56.
A copy of the full Energy Performance Certificate is available on request.
We have measured the property with an approximate net internal area of 135.2 sq m (1,456 sq ft).
Two residential flats are located above the ground floor retail unit. These flats benefit from separate ground floor garages and have previously been sold off on long leasehold interests (see Tenancy).
Ferndown is an affluent east Dorset town located approximately 7 miles to the north of Bournemouth and 6 miles to the south west of Ringwood. The property is located in a highly visible position within an established and popular retail parade fronting Victoria Road which is the main retail thoroughfare. Nearby occupiers include Iceland, Costa, Poundland, Holland and Barrett, Boots, Pets Corner, Tesco Superstore, as well as a number of quality independent retail and leisure occupiers.
Freehold
Scissors Franchise Company Ltd is a group company of Francesco Group (Holdings) Limited which is a well-established hair salon business with 37 salons trading in the UK. A Franchisee operates the business under the
group umbrella via a Franchise Agreement.
The Tenant and Franchisee in Ferndown has been operating the business in this location for in excess of 20 years.
Retail Unit
Let to Scissors Franchise Company Ltd (subject to a Guarantee provided by Francesco Group (Holdings) Limited) on FRI terms for 15 years from 25th March 2023. There are open market, upward only rent reviews at every third anniversary of the term. The Tenant trades as ‘Francesco Hair Salon’.
The lease is due to expire 24th March 2038 subject to a tenant only break clause on 25th March 2033 subject to 6 months notice.
The Rent Passing is £31,000 per annum exclusive.
Residential Flats
50A Victoria Road
Term: 189 years from 30/12/1968 (expires 30/12/2157)
Rent: Peppercorn
48A Victoria Road
Term: 99 years from 29/09/1968 (expires 29/09/2067)
Rent: £10 pa
£335,000 exclusive.
A sale at this level reflects a Net Initial Yield of 8.93% after allowing for standard purchasers costs.
The property has an energy rating of C-56.
A copy of the full Energy Performance Certificate is available on request.
Property information from this agent
About this agent
Sibbett Gregory, founded in 1992 has developed with a clear plan to provide a comprehensive range of services to meet most commercial property needs across Dorset and beyond. Our enthusiastic approach, great teamwork and a willingness to take responsibility, is what sets us apart. We are proud to act for small and large private clients, corporations, institutions, health sector, public sector, charities and churches.