Five shops, nightclub and office accommodation with future development potential (subject to consents)
Town centre location adjacent to the 600 seat Lyric Theatre
Carmarthen ranked as one of the top retail centres in Wales in 2017 (11)
Substantial property comprising approximately 2,573.10 sq m (27,699 sq ft)
Lot 37
Auction 14th February 2019
Rent £131,060 per Annum Exclusive
Status Sold
Price £410,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of a Major Fund Manager
Property Information
Location
Miles
27 miles north-west of Swansea
60 miles west of Cardiff
100 miles west of Bristol
Roads
A40, A48, M4
Rail
Carmarthen Railway Station
Air
Cardiff International Airport
Situation
Carmarthen is the county town of Carmarthenshire, located some 27 miles north-west of Swansea and 60 miles west of Cardiff. Benefitting from a £74 million development in 2010, Carmarthen was ranked last year as one of the top retail centres in Wales. The town is served by the A40 and A48, which connect with the M4 Motorway to the east. The property is situated within the town centre, with frontage onto both King Street and Queen Street. The Lyric Theatre, a 600 seat performing arts centre, is accessed from King Street between Units 9A and 9B. Other nearby occupiers include Co-operative Food, NatWest, B&M and JD Wetherspoon.
Tenure
Freehold.
Location
Miles
27 miles north-west of Swansea
60 miles west of Cardiff
100 miles west of Bristol
Roads
A40, A48, M4
Rail
Carmarthen Railway Station
Air
Cardiff International Airport
Situation
Carmarthen is the county town of Carmarthenshire, located some 27 miles north-west of Swansea and 60 miles west of Cardiff. Benefitting from a £74 million development in 2010, Carmarthen was ranked last year as one of the top retail centres in Wales. The town is served by the A40 and A48, which connect with the M4 Motorway to the east. The property is situated within the town centre, with frontage onto both King Street and Queen Street. The Lyric Theatre, a 600 seat performing arts centre, is accessed from King Street between Units 9A and 9B. Other nearby occupiers include Co-operative Food, NatWest, B&M and JD Wetherspoon.
Tenure
Freehold.
Description
The building comprises accommodation on basement, ground and three upper floors to provide five retail units, a nightclub and five offices suites. The upper floors provide future development potential (subject to consent) with sufficient accommodation for twenty 700 sq ft flats. Indicative plans can be found in the legal pack.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The building comprises accommodation on basement, ground and three upper floors to provide five retail units, a nightclub and five offices suites. The upper floors provide future development potential (subject to consent) with sufficient accommodation for twenty 700 sq ft flats. Indicative plans can be found in the legal pack.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit No.
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
7 Queen Street
Ground
Bar
175.00 sq m
(1,883 sq ft)
INDIVIDUAL t/a Mojitos Bar (1)
15 years from 25/03/2013
£7,200
01/06/2018 (2) and 01/06/2023 (01/06/2028)
7 Queen Street
Basement
Nightclub
393.20 sq m
(4,233 sq ft)
INDIVIDUAL t/a Metro Nightclub (1)
30 years from 01/06/1998
£21,500
01/06/2018 (2) and 01/06/2023 (01/06/2028)
7A King Street
Ground
Retail
62.10 sq m
(669 sq ft)
VACANT POSSESSION (3)
7B King Street
Ground
Retail
162.40 sq m
(1,748 sq ft)
FLORENCE OPPORTUNITIES (CARMARTHEN) LTD t/a Morgan Edward Hairdresser (4)
10 years from 12/08/2013 (5)
£12,000
11/08/2018 (2) (12/08/2023)
9A King Street
Ground
Retail/ Ancillary
93.40 sq m
(1,005 sq ft)
BRITISH RED CROSS SOCIETY (6)
10 years from 01/08/2011
£17,650
(01/08/2021)
9B King Street
Ground/ Basement
Retail/ Ancillary
160.50 sq m
(1,728 sq ft)
EMMA PHILLIPS BRIDAL STUDIO LTD t/a Jackie James Menswear (7)
7 years from 04/09/2015
£13,500
04/09/2018 (2) (04/09/2022)
1B Queen Street
First
Office
178.20 sq m
(1,918 sq ft)
VACANT POSSESSION
Lyric Building
First
Office
408.70 sq m
(4,400 sq ft)
VACANT POSSESSION
Lyric Building
Second
Office
612.70 sq m
(6,595 sq ft)
CEREBRA – FOR BRAIN INJURED CHILDREN AND YOUNG PEOPLE
20 years from 01/05/2007 (8)
£51,950
01/05/2019 and 01/05/2023 (01/05/2027)
1A Queen Street
Third
Office
194.20 sq m
(2,091 sq ft)
VACANT POSSESSION (9)
1C King Street
Third
Office
132.70 sq m
(1,429 sq ft)
BARTLEY OAKMONT LTD (10)
6 years from 24/07/2014
£7,260
(24/07/2020)
Total
2,573.10 sq m
(27,699 sq ft)
£131,060
(1) The tenant is not currently trading from the unit and has requested a surrender of their lease which has been refused by the Seller. Please refer to the legal pack. (2) The 2018 rent review is outstanding. (3) Unit 7A is currently let to Better Gentleman Ltd, however the tenant is not in occupation or paying rent. (4) First opened in 2009, Morgan Edward Hairdressers now operates from two salons in West Wales (Source: morganedward.co.uk 08/11/2018). The tenant of 7B King Street did NOT exercise their option to determine in August 2018. (5) The lease of 7B King Street provides an option to determine upon 6 months’ notice. (6) The British Red Cross is a registered charity that helps millions of people in the UK and around the world (Source: www.redcross.org.uk 08/11/2018). (7) Jackie James offers stylish menswear and unique wedding outfits (Source: www.jackiejames.wales 08/112018). The tenant of 9B King Street did NOT exercise their option to determine in September 2018. (8) Please note that the tenant has served notice to break the lease on 30th April 2019. (9) As to 14 Queen Street, The Money Recovery Centre has a tenancy at will but has served notice to vacate on 24th March 2019. (10) Bartley Oakmont Ltd works as an introducer to provide customers with reviews of their current life or home insurance policies (Source: bartleyoakmont.co.uk 08/11/2018). (11) Source: Harper Dennis Hobbs Vitality Index 2017.
