Office for sale in Carmarthen Road, Swansea SA1

Main Description

A two storey detached office building providing accommodation over two floors, and let to a variety of tenants on annual tenancy agreements, many of whom have been in occupation in excess of 10 years.

A purchase at the asking price offers a Gross Initial Yield of 11.2% before purchaser's costs are accounted for.

The investment offers significant potential for rental growth, as the building is let at less than £10 per sq ft (all inclusive) overall.

Description

The site extends to c. 0.4 acres, with the buildings occupying the majority of the site but with un-developed grass area fronting Carmarthen Road. On-site car parking spaces are provided at both the front and rear of of the site.

Services

All mains supplies are connected with gas central heating being provided throughout.

Accommodation

The building provides a Net Internal Area broken down as follows:

Lower Ground Floor - 351.7 m2 / 3,786 sq ft

Ground Floor - 386 m2 / 4,155 sq ft

Total nia - 737.7 m2 / 7,941 sq ft

Floorplans and a detailed breakdown are available to interested parties upon expression of interest.

Tenure

The property is held on a ground lease for an original term of 125 years from 1989.

Tenancies

The property is let to a number of tenants and a full tenancy schedule can be provided to interested parties upon expression of interest.

We are advised the total gross annual rent from these lettings is £71,000 ex VAT. The net annual income is in the region of £39,200 once running costs are accounted for.

The property is offered subject to and with the benefit of these existing tenancies.

Terms

Long Leasehold - £350,000 exclusive.

A purchase at the asking price shows a Gross Initial Yield of 11.2% before purchaser's costs are accounted for.

Planning

We are advised that the unit currently benefits from B1 planning consent for Office use.

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

Business Rates

The property is currently assessed in a number of individual assessments, the majority of which benefit from Small Business Rate Relief. Interested parties are requested to make their own investigations in this regard.

EPC

The property has been graded as 71 (C). The EPC document is available for download via the BP2 website.

VAT & Legal Costs

All prices, premiums and rents are quoted exclusive of VAT. We understand that the property is not elected for VAT.

Each party is responsible for their own legal costs incurred in any transaction.