Highly profitable store turned over 1.86 Million net of VAT in 2019 (3)
Rent rebased from 250,000 p.a.x.
Prime City Centre Location
Directly opposite Marks & Spencer
Neighbouring occupiers include Sports Direct, H&M, Costa Coffee, Lloyds Bank, Barclays Bank and McDonald's
Lot 10
Auction 9th July 2020
Rent
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
40 miles west of Cardiff
78 miles west of Bristol
Roads
A483, M4 (J42)
Rail
Swansea Railway Station
Air
Cardiff Airport
Situation
The property is prominently located in the heart of Swansea City Centre, 1.5 miles north-west of Swansea University, on the south side of the busy pedestrianised Oxford Street, Swansea's prime retailing thoroughfare. Neighbouring occupiers include Sports Direct, H&M, Costa Coffee, Lloyds Bank, Barclays Bank and McDonald's.
Tenure
Long Leasehold. Held from the Council of the City and County of Swansea for a term of 150 years from 29th September 2011 until 2161 at a current rent reserved of 12,500 per annum exclusive. The rent is geared to 10% of the open market rent. The lease provides for the rent to be reviewed downwards or upwards in 2023 and 5 yearly.
Location
Miles
40 miles west of Cardiff
78 miles west of Bristol
Roads
A483, M4 (J42)
Rail
Swansea Railway Station
Air
Cardiff Airport
Situation
The property is prominently located in the heart of Swansea City Centre, 1.5 miles north-west of Swansea University, on the south side of the busy pedestrianised Oxford Street, Swansea's prime retailing thoroughfare. Neighbouring occupiers include Sports Direct, H&M, Costa Coffee, Lloyds Bank, Barclays Bank and McDonald's.
Tenure
Long Leasehold. Held from the Council of the City and County of Swansea for a term of 150 years from 29th September 2011 until 2161 at a current rent reserved of 12,500 per annum exclusive. The rent is geared to 10% of the open market rent. The lease provides for the rent to be reviewed downwards or upwards in 2023 and 5 yearly.
Description
The property comprises a large, well proportioned shop with retail accommodation on the ground floor and ancillary accommodation on the first and second floors. The third floor is not currently being used by the tenant and there is no internal access between the second and third floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C. See legal pack.
Description
The property comprises a large, well proportioned shop with retail accommodation on the ground floor and ancillary accommodation on the first and second floors. The third floor is not currently being used by the tenant and there is no internal access between the second and third floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C. See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground First Second
Retail Ancillary Ancillary
397.76 sq m 312.20 sq m 72.09 sq m
(4,281 sq ft) (3,361 sq ft) (776 sq ft)
RIVER ISLAND CLOTHING CO. LIMITED (1)
5 years from 25/03/2019 (2)
£125,000
24/03/2024
Third
Not currently used
not measured
Total
263.55 sq m
(2,837 sq ft)
£125,000
(1) For the year ending 29th December 2018, River Island Clothing Company Limited reported a turnover of 877,700,000, a pre-tax profit of 45,300,000 and shareholders funds of 341,500,000 (Source: SmartSearch 16/06/2020). (2) The lease provides for a tenant option to determine on 25/03/2022. (3) The tenants turnover information was provided to the seller, by the tenant.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.