For SaleFreehold Mixed Use Investment

13, 15, 17, Dolphin Lane, 1-4 Dolphin Court, Boston, Lincolnshire, PE21 6EU

Description

The property comprises a substantial range of buildings arranged on ground plus first and second floors, including two retail units fronting Dolphin Lane with a self - contained apartment above and four further apartments, which are accessed through a secure private gated courtyard area.    

The buildings were extensively refurbished and rebuilt in 2009 to a very high standard by the current owners, including new traditional timber doors and double-glazed windows. The property is constructed in brick with partially rendered elevations, under pitched slate roofs and internally the accommodation has been fitted out to a good quality throughout. The character of the buildings features includes limed timber roof beams with volume ceilings, bespoke vanity units and wall lights.    

The property is fully let with the majority of residential tenants having been in occupation between 6 and 10 years, underpinning the secure income stream from the property, with no voids. 

The tenants of the two ground floor shops are both well-established businesses and have also been in occupation for a number of years.

EPC:  Available on request

LOCATION

The property is situated in an attractive location on Dolphin Lane, which provides a pedestrian link between Boston’s Market Place and Pescod Square Shopping Centre with parking for over 640 cars.

Dolphin Lane is well-known for its traditional local tenants that include a butcher, barber, hairdressers and beauty salons, florist and cafés, alongside residential uses which continue to make this a vibrant location in the heart of the town centre, close to transport facilities and the majority of the towns retail and lesiure offer.

Boston is the largest town in South Lincolnshire with a resident population of circa 65,000 and a significant catchment in the region of 125,000.  Situated approximately 35 miles south east of Lincoln and 33 miles east of Peterborough, Boston enjoys a strategic location with the A16 passing through the town centre, and is also one of the largest inland ports on the east coast landing over 1.5 million tonnes of cargo each year.

The Market Place adjoining Dolphin Lane has benefited from over £2million of investment in public realm, environmental and public transport hub improvements in recent years to upgrade the area for visitors and shoppers.   

TENURE

The freehold interest in the property is being offered for sale with the benefit of the following tenancies:

15 Dolphin Lane -Retail let to Ms Jessica Edgoose (Trading as ‘The Brow Bar’) for a term which commenced in 2014. The current passing rent is £4,500 per annum.

17 Dolphin Lane -Retail let to ‘Delfinos’ under a lease commencing 2016 and expiring in 2026.  The current passing rent is £13,200 per annum. Both leases include additional provisions for recovery of insurance and defined building maintenance items including shopfronts.

Total retail income                       £17,700 pax 

Apartments - all let on AST’s 

13 Dolphin Lane - Rent of         £6,720 pax 

1 Dolphin Court - Rent of         £7,140 pax

2 Dolphin Court - Rent of         £5,040 pax 

3 Dolphin Court - Rent of         £6,480 pax

4 Dolphin Court - Rent of         £5,400 pax

Total residential income         £30,780 pax

Total rental income             £48,480

PROPERTY MANAGEMENT 

The property management elements associated with the properties are minimal and as an indication the current owners have reputable local companies who undertake the following services: 

• Cleaning of common areas and hallway once each month (£40)

• Cleaning refuse area and sweeping/weeding courtyard/maintain plants every 2-3 months as required (£60)

• Smoke alarms/security /electrical certificates each year

• Painting and redecoration (majority of external areas last undertaken externally March 2022)     

• In addition, Building Insurance (renewed with AXA February 2022) Annual premium £ 2,172 (of which a relevant proportion is recovered from the 2 retail tenants in addition to rent). 

Details of current maintenance and management costs can be made available.

Services

We are advised that all mains services are available and connected to the properties. There is no gas connected to the apartments or 15 Dolphin Lane, with heating and hot water being provided by wall-mounted electric heaters and combi boilers. It should be noted that the apartments and landlords communal electricity systems were installed in 2009 and have recent compliant electrical test inspection certificates (EICR’s) but neither the vendors nor the vendor’s agents can provide any warranty as to their condition.  

Town & Country Planning

The property has the benefit of both planning approvals for conversion in 2008, and established use for its current class E (Commercial, Business and Services) and C3 (dwellinghouses) under the Town and Country Use Classes Order (as amended in 2020.) The property is not Listed but does fall within a Conservation Area. 

Legal Costs

Each party is to be responsible for their own legal costs incurred in documenting the transaction