Leisure/hospitality for sale in The Kingsway, Swansea SA1
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Property features
- Prime city Centre Location
- Dual Aspect Shop Fronts
- Lease Expiry September 2028
- Existing Income with future development potential
- Grant Availability
Property description
Main Description
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.
Specification
The property benefits from the following features.
- 4 Storeys
- Dual Aspect Shop Fronts
- Prominence to both Kingsway and Park Street
- Significant Development Potential
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
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 - ()
EPC
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.
Property info
For more information about this property, please contact
BP2 Property Consultants, SA1 on +44 1792 925762 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by BP2 Property Consultants, and do not constitute property particulars. Please contact BP2 Property Consultants for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.