Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of a Major Bank
Property Information
Location
Miles
12 miles east of Llanelli, 38 miles west of Cardiff
Roads
A4118, A4067, A483, M4
Rail
Swansea Railway Station
Air
Cardiff International Airport
Situation
The property is situated in a prominent location on the east side of Orchard Street within Swansea City Centre. Swansea Railway Station is approximately 500 metres away to the north and the primary retailing centre is approximately 150 metres to the south.
Tenure
Freehold.
Location
Miles
12 miles east of Llanelli, 38 miles west of Cardiff
Roads
A4118, A4067, A483, M4
Rail
Swansea Railway Station
Air
Cardiff International Airport
Situation
The property is situated in a prominent location on the east side of Orchard Street within Swansea City Centre. Swansea Railway Station is approximately 500 metres away to the north and the primary retailing centre is approximately 150 metres to the south.
Tenure
Freehold.
Description
The property comprises two retail units on the ground floor with office accommodation on the upper 5 floors. The ground to third floor offices had a refurbishment programme carried out in 2003 and the fourth floor by the current occupier in 2010. The property benefits from 18 car parking spaces in the basement.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two retail units on the ground floor with office accommodation on the upper 5 floors. The ground to third floor offices had a refurbishment programme carried out in 2003 and the fourth floor by the current occupier in 2010. The property benefits from 18 car parking spaces in the basement.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Review/(Reversion)
14
Ground
Restaurant
228.53 sq m
(2,460 sq ft)
INDIVIDUAL (t/a The Wild Swan Restaurant)
25 years from 24/06/2000 until 2025 (1)
£25,000 (2)
24/06/2015 and 24/06/2020
20
Ground
Retail
171.86 sq m
(1,850 sq ft)
VACANT POSSESSION
18
Ground
First & Second
Office Reception/ Entrance Office and 6 car spaces
55.74 sq m
989.38 sq m
(600 sq ft)
(10,650 sq ft)
SECRETARY OF STATE FOR COMMUNITIES AND LOCAL GOVERNMENT
3 years from 11/03/2015 (3)
£95,650
(31/10/2018)
12
Third
Office & 4 car spaces
506.30 sq m
(5,450 sq ft)
VACANT POSSESSION
Fourth
Office & 4 car spaces
506.30 sq m
(5,450 sq ft)
ATKINS LIMITED (4)
Approx. 7 years and 8 months from 01/04/2010
£44,745
01/04/2015 (24/12/2017)
Fifth
Office & 2 car spaces
401.32 sq m
(4,320 sq ft)
VACANT POSSESSION
2 Car Parking Spaces
ATKINS LIMITED
Held on separate licence
£1,700
Totals
2,859.43 sq m
(30,780 sq ft)
£167,095
(1) The lease provides for a tenant option to determine on 24th June 2020. (2) As to 14 Orchard Street, the current rent reserved under the terms of the lease is £22,500 per annum exclusive. The lease provides for a fixed rental increase to £25,000 per annum exclusive on 24/06/2015. The seller will pay the buyer the difference between the current rent reserved of £22,500 p.a.x. and £25,000 p.a.x. from completion of the sale until 24/06/2015. Therefore the property produces £25,000 p.a.x. from completion. (3) The lease provides for a tenant option to determine on 31st December 2015 on giving 6 months’ notice. It is understood that the lease has only recently been signed. (4) For the year ending 31/03/2014, Atkins Limited reported a turnover of £868,900,000, pre-tax profits of £47,900,000 and a total net worth of £102,200,000. (Source: www.riskdisk.com 10/04/2015)
