A BUILDING on Poole Quay has been put up for sale for more than £7million.

Dolphin Quays, which has a mix of retail, restaurants, offices and flats, has been put on the market for offers in excess of £7m.

The building, completed in 2004, is home to the headquarters of international cosmetic company Lush, which was founded in Poole in 1995.

In total, Dolphin Quays is 80 per cent let, with other tenants including Tesco and Poole Pottery.

It has a range of restaurants onsite, including Deli on the Quay, Sambo Rodizio, Rosso’s and Rancho Steak.

Dolphin Quays also has a mall, which has a number of empty units at the moment.

This is accessed from the quayside, and will reportedly benefit from the recent completion of a residential development behind it.

In February, plans were submitted for flats and a hotel at the neighbouring Thistle Hotel site.

Initial proposals were refused in 2021, but revised plans were narrowly approved by BCP Council in August.

Estate agents Savills has put Dolphin Quays up for sale on behalf of a private client.

Christopher Brogan, director of the UK investment team at Savills, said: “Dolphin Quays enjoys a fantastic corner location on Poole Harbour and is part of the main retail and leisure offer on the waterfront.”

Christopher said that the combination of retail, office, leisure and residential units was ‘really interesting’ at Dolphin Quays.

He said the property has a ‘rare’ weighted average unexpired lease term of around 17 years.

This is used to judge the contracted rents in a building and is worked out by adding up all the contracted rental income and dividing it by the contracted annual rent.

Christopher added: “The buyer has the opportunity to drive performance and income through the letting of the mall units, which are going to benefit from footfall from the new apartments that have been developed at the rear.”

The estate agents said the sale price of the 71,594-square-foot development represents a net initial yield of more than nine per cent.

It is part freehold, part long leasehold and is said to generate a total net rent of more than £700,000 per year.