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Property
Property description & features
- Leasehold investment opportunity (until 20 sept 2050) at a current ground rent of £25,000 pa
- 353.01 sq.m (3,799.69 sq. ft.) over three floors
- Ground floor retail unit sub let (until 25 july 2033) at £18,000 pa
- Prominent position within swansea city centre
The property comprises a ground floor retail unit, accessed directly off the main pedestrian walkway to the front, which also benefits from a dual entrance and return frontage over both College Street and High Street.
The ground floor retail unit is currently occupied and sub-let for a term of 15 years from 26th July 2018 (expiring on 25th July 2033) at a current rent passing of £18,000 pa (exclusive). The retail unit is currently trading as Jack's Kitchen, which accommodates the main sales area to the front, with ancillary accommodation including the catering kitchen, various storage rooms and w.c. facilities to the rear.
The remaining accommodation, which is currently vacant, can be accessed independently along the side elevation via an internal stairwell, directly off College Street.
The upper floors comprises various size commercial rooms (predominantly occupied over the first floor), which was previous occupied for use as a toddlers play area and café over part of the accommodation.
The majority of the second floor accommodates a former self-contained residential unit, comprising two bedrooms, lounge, kitchen and shower facilities.
Description - The subject premises comprises a large three storey corner unit, situated along a prominent position within Swansea city centre.
The property comprises a ground floor retail unit, accessed directly off the main pedestrian walkway to the front, which also benefits from a dual entrance and return frontage over both College Street and High Street.
The ground floor retail unit is currently occupied and sub-let for a term of 15 years from 26th July 2018 (expiring on 25th July 2033) at a current rent passing of £18,000 pa (exclusive). The retail unit is currently trading as Jack's Kitchen, which accommodates the main sales area to the front, with ancillary accommodation including the catering kitchen, various storage rooms and w.c. facilities to the rear.
The remaining accommodation, which is currently vacant, can be accessed independently along the side elevation via an internal stairwell, directly off College Street.
The upper floors comprises various size commercial rooms (predominantly occupied over the first floor), which was previous occupied for use as a toddlers play area and café over part of the accommodation.
The majority of the second floor accommodates a former self-contained residential unit, comprising two bedrooms, lounge, kitchen and shower facilities.
Location - The property is situated fronting the corner of High Street and College Street in Swansea City Centre.
All usual amenities/ facilities are within easy reach of the subject premises, while Swansea University is located approximately 2 miles away.
Occupiers within the immediate vicinity include a mixture local and established regional businesses as well as a small number of national retailers.
The immediate vicinity has seen a large amount of investment over recent years, more noticeably the Urban Village Development undertaken by Coastal Housing, which is within close proximity to the subject premises. The prime retail areas of Oxford Street and Castle Square are also within close proximity, approximately 100 metres away in a south-westerly direction.
The subject site is therefore considered to be reasonably well situated for its existing use as a high rise mixed commercial or residential development.
Accommodation - The subject premises affords the following approximate areas and dimensions:
GROUND FLOOR
Retail Unit (Sub-Let)
Sales Area: 105.57 sq.m (1,136.44 sq. ft.)
with a return frontage to High Street and College Street, restaurant area for 64 covers, including an open kitchen/ servery area.
Shop Depth: 12.89m
Internal Width: 9.30m
Sales (ITZA): 77.65 sq.m (835.82 sq. ft.)
Ancillary: 22.83 sq.m (245.80 sq. ft.)
which briefly comprises the following:
Preparation Area: 4.63m x 5.12m (L-Shaped)
Store Room: 3.02m x 3.28m (L-Shaped)
W.C. Facilities
Entrance Foyer (Vacant)
accessed directly off the main pedestrian walkway over College Street, internal stairwell to.
FIRST FLOOR
Former Play Area (Vacant)
Net Internal Area:114.74 sq.m(1,235.06 sq. ft.)
Reception2.15m x 4.09m
with doors to.
W.C. Facilities
Sales Area4.55m x 10.42m
Ancillary Sales4.16m x 12.01m
with door to.
W.C. Facilities
SECOND FLOOR
Former Play Area (Vacant)
Net Internal Area:30.62 sq.m(329.59 sq. ft.)
Office4.37m x 7.94m
Residential Accommodation (Vacant)
Gross Internal Area: 79.24 sq.m (853.01 sq. ft.)
which briefly comprises the following:
Shower Facilities
Kitchen: 4.64m x 2.70m
Bedroom 1: 2.55m x 5.01m
Bedroom 2: 3.36m x 2.95m
Lounge: 4.61m x 5.75m
Rates - As stated on the VOA website the Rateable Value for the subject premises is as follows:
GROUND FLOOR
Rateable Value (2017): £14,750
FIRST & SECOND FLOORS
Rateable Value (2017): £8,300
From April 2018 the Welsh Government set the multiplier according to the Consumer Price Index (CPI) and for the financial year 2020-21 the multiplier will be 0.535.
We advise that all enquiries should be made with the Local Authority Rates Department to verify this information. For further information visit .
Vat - Please be advised that a figures quoted are exclusive of VAT (if applicable).
Terms & Tenure - Our client's interest is available for sale by way of an Assignment.
Our client's interest is available for a period of years commencing on 18th December 2013, until 20th September 2050 (27 years unexpired) at a current rent passing of £25,000 per annum. The Lease also has provisions for periodic rent reviews from 18th December 2023 and every 5 years thereafter.
We further advise that the ground floor retail unit has been sub-let for a term of 15 years from 26th July 2018 at a current passing of £18,000 per annum. The Lease also has provisions for periodic rent reviews from 25th April 2021 and every 3 years thereafter.
Viewing - By appointment with Sole Agents:
Astleys Chartered Surveyors
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