West Glamorgan House Orchard Street Swansea SA1 5AD

West Glamorgan House
Orchard Street
Swansea
SA1 5AD

Freehold Office and Retail Investment

Producing £167,095 p.a.x. with 2 office floors and 1 retail unit to be let
Tenants include Secretary of State for Communities and Local Government and Atkins Limited
Approximately 2,859.43 sq m (30,780 sq ft)
Prominent city centre location approximately 500 metres from Swansea Rail Station
Basement car parking for 18 cars
Active management opportunity
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
36
Auction
21st May 2015
Rent
£167,095 per Annum Exclusive
Status
Sold
Price
£850,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of a Major Bank

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Freehold Office and Retail Investment

Producing £167,095 p.a.x. with 2 office floors and 1 retail unit to be let
Tenants include Secretary of State for Communities and Local Government and Atkins Limited
Approximately 2,859.43 sq m (30,780 sq ft)
Prominent city centre location approximately 500 metres from Swansea Rail Station
Basement car parking for 18 cars
Active management opportunity
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 36
Auction 21st May 2015
Rent £167,095 per Annum Exclusive
Status Sold
Price £850,000
Sector
Office
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of a Major Bank

Property Information

Location

Miles: 12 miles east of Llanelli, 38 miles west of Cardiff
Roads: A4118, A4067, A483, M4
Rail: Swansea Railway Station
Air: Cardiff International Airport

Situation

The property is situated in a prominent location on the east side of Orchard Street within Swansea City Centre. Swansea Railway Station is approximately 500 metres away to the north and the primary retailing centre is approximately 150 metres to the south.

Tenure

Freehold.

Location

Miles: 12 miles east of Llanelli, 38 miles west of Cardiff
Roads: A4118, A4067, A483, M4
Rail: Swansea Railway Station
Air: Cardiff International Airport

Situation

Tenure

Freehold.

Description

The property comprises two retail units on the ground floor with office accommodation on the upper 5 floors. The ground to third floor offices had a refurbishment programme carried out in 2003 and the fourth floor by the current occupier in 2010. The property benefits from 18 car parking spaces in the basement.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Address	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Review/(Reversion)
14	Ground	Restaurant	228.53 sq m	(2,460 sq ft)	INDIVIDUAL (t/a The Wild Swan Restaurant)	25 years from 24/06/2000 until 2025 (1)	£25,000 (2)	24/06/2015 and 24/06/2020
20	Ground	Retail	171.86 sq m	(1,850 sq ft)	VACANT POSSESSION
18	Ground First & Second	Office Reception/ Entrance Office and 6 car spaces	55.74 sq m 989.38 sq m	(600 sq ft) (10,650 sq ft)	SECRETARY OF STATE FOR COMMUNITIES AND LOCAL GOVERNMENT	3 years from 11/03/2015 (3)	£95,650	(31/10/2018)
12	Third	Office & 4 car spaces	506.30 sq m	(5,450 sq ft)	VACANT POSSESSION
	Fourth	Office & 4 car spaces	506.30 sq m	(5,450 sq ft)	ATKINS LIMITED (4)	Approx. 7 years and 8 months from 01/04/2010	£44,745	01/04/2015 (24/12/2017)
	Fifth	Office & 2 car spaces	401.32 sq m	(4,320 sq ft)	VACANT POSSESSION
		2 Car Parking Spaces			ATKINS LIMITED	Held on separate licence	£1,700
Totals			2,859.43 sq m	(30,780 sq ft)			£167,095

(1) The lease provides for a tenant option to determine on 24th June 2020.
(2) As to 14 Orchard Street, the current rent reserved under the terms of the lease is £22,500 per annum exclusive. The lease provides for a fixed rental increase to £25,000 per annum exclusive on 24/06/2015. The seller will pay the buyer the difference between the current rent reserved of £22,500 p.a.x. and £25,000 p.a.x. from completion of the sale until 24/06/2015. Therefore the property produces £25,000 p.a.x. from completion.
(3) The lease provides for a tenant option to determine on 31st December 2015 on giving 6 months’ notice. It is understood that the lease has only recently been signed.
(4) For the year ending 31/03/2014, Atkins Limited reported a turnover of £868,900,000, pre-tax profits of £47,900,000 and a total net worth of £102,200,000. (Source: www.riskdisk.com 10/04/2015)