This property is no longer on the market
Property
Property description & features
- Tenure: Freehold
- Advised Freehold - to be verified by solicitor
- First & second floor vacant, ground & lower ground floor leased to Bon Marche (tenancy details above).
ONLINE AUCTION from 19th OCTOBER-21st OCTOBER
Located on Oxford Street in Swansea, this property provides the perfect opportunity for investment as well as development. The property is located in a prominent position and is well situated to benefit from the proposed city centre regeneration of the Kingsway and surrounding areas.
Ground Floor and Lower Ground Floor Investment Opportunity:
The ground floor of the property is tenanted by national clothing retailer Bonmarch, this property currently achieves an annual income of £40,000, this is due to increase to £45,000 in 2022, and £50,000 from 2023 for the subsequent three years.
First and Second Floor Development Opportunity:
The first two floors offer potential for the development of 13 residential flats. Planning has currently been obtained for 10 residential flats. Planning application 2019/2672/FUL grants permission for change of use of the second floor from retail use to six self-contained 1 bedroom flats, and one 2 bedroom self-contained flat including 2nd floor rear extension and fenestration alterations. Further planning was obtained for three flats on the first floor under reference 2021/0814/FUL in May 2021.
An application for a further three flats has been declined however there is opportunity for appeal. This is listed under planning reference 2021/1800/FUL
There is currently access to the building via the rear through the lane off Plymouth Street, however there is potential to create additional access to the front.
There is also the possibility of a Welsh Government regeneration grant depending on Government funding. Interested parties should make enquires of the regeneration officer, Craig Fisher, in Swansea Council.
There is no VAT, S106 or CIL.
Ground & Lower Ground Floor: Retail unit
First & Second Floor: Open plan development space
Accommodation
FloorDescriptionArea Sq FtArea Sq MGround FloorAccess to first and second floorsFirst FloorOpen plan ancillary accommodation, wc4,400410Second FloorOpen plan loft space4,400410
Tenure:
Advised Freehold - to be verified by solicitor
Tenancies:
First & second floor vacant, ground & lower ground floor leased to Bon Marche (tenancy details above).
Places of interest
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