It’s not just our residential agents reporting a buoyant market in Bridport. Our commercial department are also very busy within the town.
Symonds & Sampson are proud to be marketing a substantial mixed-use property in a prime position in central Bridport. Since 2005, the property in East Street has been home to the popular Lilliput’s, which is closing due to retirement. The current use provides ground and first floor retail and office space of over 8,500 sq ft plus storage/warehouse, two well-appointed 2-bedroom apartments, a roof terrace and car-parking.
Ryan Holmes of Symonds & Sampson believes the property offers tremendous potential for a town centre re-development, ‘In acquiring the freehold interest in the property the purchaser will have a unique opportunity to pursue further development of the site subject to obtaining the necessary consents. The recent announcement by the Prime Minister of major reforms under current planning legislation may provide further opportunities for alternative uses, including those for residential redevelopment’. The Guide is £1,250,000 for the freehold, and you can find details of the property here.
photo - Lilliputs apartment
"Typical returns of between 6% and 8% look increasingly attractive with interest rates at an all-time low"
Further out of town, business is buoyant on the business parks. Ryan recently let a small unit on East Road Business park within just a week of launching it to the market. Two further units, each measuring around 1,800 sq ft will be coming to the market shortly. Find details here.
A sale above the Guide Price has been agreed on a 10,000 sq ft industrial investment on Gore Cross Business Park, where we also have a lettings instruction on a purpose built 9,800 sq ft at a rent of £60,000 per annum.
Further afield, we haves also recently agreed terms for the letting of two further industrial units on the Horn Park Business Centre on the outskirts of Beaminster.
So why the demand for industrial property in the current climate? 'Demand is high because there is a shift in focus to industrial property from investors, where there are typically high occupancy rates and low risk when compared to other sectors of the commercial property market.' explains Ryan. ' Typical returns of between 6% and 8% look increasingly attractive with interest rates at an all-time low, giving investors a real opportunity in difficult times. The industrial occupier market remains buoyant which helps underpin investor confidence. Smaller units below 200 sq m are proving the most popular with occupiers although the letting of larger units is also on the increase.'
Ryan reports that generally, interest is local, although enquiries from out of area are increasing. There’s a shortage of good, purpose-built units within the town, so if you are thinking of selling or letting a premises, contact Ryan or Jan on 01305 261008.