MARKET CHAMBERS THE PARADE NEATH SA11 1PU LONG LEASEHOLD MIXED USE INVESTMENT FOR SALE (18,944 ft 2 /1,760 m 2 )

Transcription

1 OFFERS FIRST IN TIME EXCESS ON THE OF 725,000 MARKET SINCE PLUS VAT 1959 MARKET CHAMBERS THE PARADE NEATH SA11 1PU LONG LEASEHOLD MIXED USE INVESTMENT FOR SALE (18,944 ft 2 /1,760 m 2 )

2 Location Located at the junction of The Parade and Maes-Yr-Haf Road within the main retail area of Neath. Neath mainline station and bus station is directly to the south west of the building. Local occupiers include NatWest, Barclays Bank, New Look, Next & Marks & Spencer and Specsavers. Neath is approximately 10 miles east of Swansea, with a population of approximately 46,000. It has excellent road communications via Junctions 42 and 43 of the M4, and Cardiff is about 40 miles south east. Direct rail services to London Paddington take approximately 3 hours.

3 Description The property consists of four A3 retail units on the ground floor which are fully let and 14,278 ft 2 of modern office accommodation arranged over the first, second and third floors. The third floor office is in shell condition leaving options for further development. There is a small service yard to the rear of the building. In 2010 a substantial refurbishment programme was completed which included new cladding to the exterior of the property, double glazing, new roof and insulation, new shop fronts to the four retail units, WC s, shower facility and kitchens, CAT2 and emergency lighting, decoration and heavy duty carpet tiles throughout. Tenure The property is held on a 125 year lease from 13 th July The ground rent payable is 3,625 p.a, which is fixed for the term of the lease with no review. The freeholder is Neath Port Talbot Council.

4 Amenities Air conditioning Fully accessible raised flooring DDA compliant Passenger lift to all floors Large reception area VDU compatible lighting BREEAM rating "Very Good Shower facility CCTV, Fire & Burglar Alarm Systems Indicative Floorplan (Second Floor Shown)

5 Accommodation Tenancy Schedule Property Address Tenant Lease Term Lease From/To Rent PA Description NIA * ft 2 Notes 2 The Parade Hycare Fast Foods Ltd 15 Years ,400 Ground Floor 1, The Parade S & J Enterprises t/a Pizza Hut 20 Years ,000 Ground Floor The Parade Isam Alkarnaz 20 Years ,000 Ground Floor 1, The Parade ZSR Leisure Ltd 25 Years ,000 Ground Floor 1, Tenant break in March 2018 Suite 1A Floor Remploy Ltd 5 Years ,500 First Floor 1,500 Suite 1B Vacant First Floor 1,905 Suite 1C Ronald Leighton Evans 3 Years ,100 First Floor 587 Suite 1D Remploy Ltd 1 Year ,000 Part First Floor 1,135 Suite 2A & 2B Vacant Second Floor 3 rd Floor Vacant Third Floor 5,061 4,000 Shell condition TOTAL 94,000 plus VAT Please note, details of shortfall and non recoverables on the vacant space are available on request.

6 Price We are instructed to seek offers in excess of 725,000, for the long leasehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of per ft 2. The property is held within an SPV and the sale of the company would be considered. EPC Rating D VAT The property is elected for VAT. Nick Duck Strettons Joint Agents Gareth Harries Rowland Jones nick.duck@strettons.co.uk gareth@rowlandjones.co.uk MISREPRESENTATIONS: These particulars do not constitute an offer of contract. We have not tested any of the services referred to in these particulars. The accuracy of any description, dimensions, reference to condition, necessary permissions for use and other details contained herein is not guaranteed and is for general guidance only. Applicants should satisfy themselves as to the correctness of the details including as to whether VAT is payable on rents, prices or premiums