Development opportunity. Mixed Use unit in Central High Street Location. Ground floor let to Bonmarché at £50,000 pa.

Development opportunity. Mixed Use unit in Central High Street Location. Ground floor let to Bonmarché at £50,000 pa.
£POAFreeholdSwansea SA1 3AQ
31st October 2018

Description

Description
The property comprises a mid terrace three storey building plus basement constructed c.1900 as a department store.
Rear loading is provided off a private yard leading onto the adjacent Plymouth Street. Situated in a prominent position on Oxford Street well situated to benefit from the proposed City Centre Regeneration of the Kingsway and surrounding areas.
Nearby occupiers include Waterstones and Natwest Bank.

Freehold and VAT free.

Tenancies
The ground floor and basement are let to Bonmarché Ltd on a repairing and insuring lease for a term of 5 years from January 2020 at an annual rental of £50,000. The first floor may be suitable for professional offices or leisure with potential rent of £35,000 p.a. or alternative uses.

Accommodation
Basement : 3,719 sq ft / 345.5 sq m
Ground (Retail) : 3,713 sq ft / 344.9 sq m
First : 4,400 sq ft / 410 sq m
Second : 4,400 sq ft / 410 sq m (after building works)
TOTAL : 14,778 sq ft / 1,373 sq m

Planning 

Planning achieved in February 2020 under reference 2019/2672/FUL at Swansea Borough Council. Change of use of the second floor from retail use (Class A1) to six self contained 1 bedroom flats and one 2 bedroom self contained flat including 2nd floor rear extension and fenestration alterations. Potential rental yield of £50,000 p.a. There is also a Welsh Government regeneration grant estimated to be £110,000. No VAT, S106 or CIL.

Location
The property is located on the edge of the prime retail pitch of Oxford Street within Swansea City Centre.
Swansea has a population of c.223,000 with a catchment of 537,000 within a 30 minute drive time. The City also boasts a large student population of over 22,000 students spread across Swansea University and University of Wales Trinity St Davids

21 Oxford St, Swansea SA1 3AQ, UK

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