A substantial and prominent mid terraced town property, set on 4 floors in all, with detailed planning consent for conversion of 1st and 2nd floors to 4 x 1 bedroom flats (planning application A080792). Rear yard/parking area with planning consent for erection of a 2 bedroom Maisonette (subject to 106 planning agreement) with lower ground floor parking spaces (Application number A150237), set in the busy coastal Market Town of Cardigan and suited for investors/short term building project and known as
(Ground floor & Basement currently on a Fri lease for a term of 15 Years from 4th August 2008, with no breaks and let to Coral Racing Limited with 5 yearly rent reviews (£40,000 annual rent payable) remaining and 1st & 2nd floors vacant)
Situation: (Grid Ref: SN177-460)
The property is set in Cardigan’s High Street, which is a mixture of retail and service industry outlets, and serves a wide rural community of 3 adjoining counties, south Ceredigion, north Pembrokeshire, and north west Carmarthenshire. Cardigan is a historic market town, having recently celebrated its 900th anniversary in 2010 and is a popular tourist resort, as it lies alongside the renowned river Teifi, which flows out to Cardigan Bay some 3 miles distant. The nearby market towns of Newcastle Emlyn, Fishguard and Aberaeron are some 10,18 and 22 miles distant.
Services: Advised mains electric, water and drainage (Cardigan town is connected to mains gas, but no visible connection seen in the property. Prospective purchasers to make their own enquiries).
Directions: On entering Cardigan from the by-pass, proceed into Finch Square (by St. Mary’s Church) and take the one way road for St. Dogmaels/Cardigan Bridge. On reaching the old bridge bear right up the hill around Cardigan Castle, and drive straight along High Street and the property will be on the right hand side, mid-way along. To access the rear of the property, from the High Street, take the 1st right hand junction (by the Shoe Shop) down into St. Mary’s Street. Then take the narrow left hand turning (½ way down) into Chancery Lane. The rear elevation and current car parking area will be on the left hand side.
The property was previously used on the Ground and Lower ground floors as a Building Society, with the 1st and 2nd floor levels as offices. The Ground Floor (& lower ground floor) area is now let to Corals Bookmakers, at an annual rent of £40,000 (8 years remaining of current lease), with the 1st and 2nd floors having been vacant for a number of years. Detailed planning consent has been granted for Conversion of the 1st & 2nd floors to 4 x 1 bedroom flats (Planning Consent No-A080792 - 7th January 2009, Ceredigion C.C). Total usable space within the 1st & 2nd floors is 186 square metres, plus there is an attic space at the top of the building.
A renewal of the planning consent for the erection of the 2 bedroom Maisonette is currently awaited from Ceredigion C.C (Ref No A090433).
Accommodation for this development briefly consists of:
Level 1 - Hallway, Kitchen & Living Room
Level 2 - Landing, Bathroom and 2 bedrooms.
On the Ground Floor level (beneath the Maisonette), there will be 5 parking spaces, with one retained for the use of the current Ground Floor occupiers (Corals).
The Ground Floor Accommodation briefly consists of
Glass fronted Recess Entrance door into Air Conditioned Open Plan Sales/Reception Room ‘L’ shaped- 16’7 min 25’2 max x 15’2 min, 22’6 max with counter area to rear and door to rear Lobby, with stairs down to Lower Ground Floor and door off to Fire Escape to rear. Access also off to Gents WC, Female/Disabled WC and narrow store room.
Lower Ground Floor-doorways off to
Office Area 18’8 x 14’10 with ample power points.
Store Room/Rest Room 12’10 x 12’8 with doors off to Separate Staff Gents & Ladies WC’s and door into
Kitchen 20’5 x 9’ with fitted base and wall units and stainless steel single bowl and drainer sink unit and hot water boiler above, window to rear, fire escape door, electric storage heater, built in cupboard, door off to Inner Hall with 2 large built in cupboards having electric systems etc. And door also off to office (as noted above).
Copies of detailed plans and associated consents may be inspected at the Agents, Newcastle Emlyn Office.
An ideal opportunity for Investors/Builders to acquire a substantial property, with the added benefit of off road parking for future occupiers, which of course can be reflected in rental values.
All properties are offered for sale subject to contract and availability.
We endeavour to make our sales details accurate and reliable but they should not be relied on as statements or representations of fact and they do not constitute any part of an offer or contract. The seller does not make any representation or give any warranty in relation to the property and we have no authority to do so on behalf of the seller.
Services, fittings and equipment referred to in the sales details have not been tested (unless otherwise stated) and no warranty can be given as to their condition.
We would strongly recommend that all the information which we provide about the property is verified by yourself or your advisers.
Please contact us before viewing the property. If there is any point of particular importance to you we will be pleased to provide additional information or to make further enquiries. We will also confirm that the property remains available. This is particularly important if you are contemplating travelling some distance to view the property.