Let to The Secretary of State for Communities and Local Government on a renewed lease until 2027 (no breaks)
Town centre location adjacent to the main bus station
Long term residential redevelopment potential (subject to consents)
Neighbouring occupiers include Home Bargains, Tesco superstore, Oxfam, Poundland, HSBC, Lloyds Bank and Superdrug
Lot 14
Auction 14th February 2019
Rent £167,040 per Annum Exclusive
Status Sold
Price £1,650,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
18 miles west of Cardiff, 29 miles south-east of Swansea
Roads
M4 (Junction 36), A48, A473
Rail
Bridgend Railway Station
Air
Cardiff Airport
Situation
The property is prominently situated in the heart of the town centre on Market Street and immediately next to the town’s main bus terminal. Neighbouring occupiers include Home Bargains, Tesco superstore, Oxfam, Poundland, HSBC, Lloyds Bank and Superdrug.
Tenure
Freehold.
Location
Miles
18 miles west of Cardiff, 29 miles south-east of Swansea
Roads
M4 (Junction 36), A48, A473
Rail
Bridgend Railway Station
Air
Cardiff Airport
Situation
The property is prominently situated in the heart of the town centre on Market Street and immediately next to the town’s main bus terminal. Neighbouring occupiers include Home Bargains, Tesco superstore, Oxfam, Poundland, HSBC, Lloyds Bank and Superdrug.
Tenure
Freehold.
Description
The property comprises modern office accommodation on ground, first and second floors. The offices benefit from suspended ceilings, double glazing and underfloor trunking. The property benefits from car parking to the rear.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Description
The property comprises modern office accommodation on ground, first and second floors. The offices benefit from suspended ceilings, double glazing and underfloor trunking. The property benefits from car parking to the rear.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground First Second
Office Office Office
370.90 sq m 370.65 sq m 310.94 sq m
(3,992 sq ft) (3,990 sq ft) (3,347 sq ft)
THE SECRETARY OF STATE FOR COMMUNITIES AND LOCAL GOVERNMENT t/a Job Centre Plus
From 01/04/2018 until 31/03/2027 on a full repairing and insuring lease (1)
£167,040 (2)
01/04/2023
Totals
1,052.49 sq m
(11,329 sq ft)
£167,040 (2)
(1) The lease is on full repairing and insuring terms, subject to an arrangement during the period where the Government or a Government Department is the tenant where generally the Government will be self-insuring i.e. there is no requirement for the tenant to insure and no entitlement for the landlord to reinstatement as set out in Schedule 9 of the Lease. (2) The lease provides for a rent free period from 1st April 2018 until 1st January 2020. The seller will pay the buyer monies equivalent to £167,040 per annum exclusive from completion of the sale until the end of the rent free period. Therefore the property will produce £167,040 per annum exclusive from the completion of the sale.
