PROPERTY OVERVIEW

A prime City Centre development opportunity available for sale on a long leasehold basis.

The property provides four storeys of accommodation, with dual aspect fronts to The Kingsway and Park Street.

The Park Street side of the property is currently occupied by The Bunkhouse Swansea Ltd on a 10 year lease from September 2018, at a rent of £15,000 per annum.

The Kingsway elevation has lapsed planning for 2 x 2 bedroom self contained flats, planning ref: 2012/1478.

• Prime city Centre Location
• Dual Aspect Shop Fronts
• Lease Expiry September 2028
• Existing Income with future development potential
• Grant Availability

Tenure	For Sale
Status	Available
Price	£220,000
Size	4,569 sq ft

Location

The property is located on The Kingsway, which has recently undergone extensive upgrade works to improve the public realm. 

The building is situated to the fringe of the amenities within Swansea City centre’s retail core, just a few minutes walk from Swansea Central Station, offering direct services to Cardiff, Bristol and London Paddington. There are a number of NCP car parks in close proximity on the Kingsway & Orchard House. 

The building offers a prominent, busy location with a range of nearby amenities/occupiers in the City Centre.

Specification

The property benefits from the following features.

• 4 Storeys
• Dual Aspect Shop Fronts
• Prominence to both Kingsway and Park Street
• Significant Development Potential

Accommodation

The property provides the following accommodation:

UNIT	SQ M	SQ FT
Lower Ground Floor Bar – Park St	63.2	679.8
First Floor – Park Street
Office 1	18.4	198.5
Office 2	23.3	251.1
Office 3	9.6	103.4
Second Floor – Park Street
Office 4	19.1	206.1
Office 5	26.0	279.9
Office 6	9.6	103.4
Ground Floor Bar – Kingsway	117.2	1261.6
First Floor – Kingsway	67.9	731.1
Second Floor – Kingsway	70.0	753.9
TOTAL NIA	424.4	4568.8

Terms

The Long Leasehold interest in the property is available at an asking price of – £220,000

Tenure

The Long Leasehold of the property is offered for sale, being 125 years from 9th June 2017 and subject to a ground rent which is currently £3,000 per annum.

The property is part sublet to The Bunkhouse Swansea Ltd headline terms being;

• 10 years from September 2018
• Passing Rent: £15,000 per annum
• Rent Review: 1st September 2023 – Every 3 years thereafter

Financial Assistance

We have been made aware that there is still grant funding available via Swansea Council that can be applied for when converting commercial to residential.

We would encourage any potential buyer to make necessary enquiries with the Council surrounding the grants available.

Planning

We understand that the property currently benefits from planning consent for its current use, although we have not made any enquiries in this regard.

The property benefits from a lapsed planning consent for 2 x 2 bedroom self contained flats to the Kingsway elevation, planning ref: 2012/1478.

We would encourage interested parties to make their own enquiries with the local planning authority in this regard.

Business Rates

Rateable Value – £10,500 (23/24)

Rates Payable – £5,901 payable per annum

Note that we have applied Small Business Rates Relief to calculate the Rates Payable.

Summary valuation – Valuation Office Agency – GOV.UK (tax.service.gov.uk)

EPC

The property has been graded as 000 (A). The EPC document is available for download via the BP2 website.

OR

An EPC has been commissioned and will be made available in due course.

VAT & Legal Costs

All prices, premiums and rents are quoted exclusive of VAT. Each party is responsible for their own legal costs incurred in any transaction.

Viewing & Further information

For further information, or if you would like to arrange a viewing, please contact us.