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 Bonmarché, 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
|Floor||Description||Area Sq Ft||Area Sq M|
|Ground Floor||Access to first and second floors|
|First Floor||Open plan ancillary accommodation, wc||4,400||410|
|Second Floor||Open plan loft space||4,400||410|
|Tue 05 Oct - Mon 11 Oct - Mon 18 Oct||10:45|
First & second floor vacant, ground & lower ground floor leased to Bon Marche (tenancy details above).
Advised Freehold - to be verified by solicitor
Auction fees: The sale of each lot is subject to a buyer’s premium of 1.2% of the purchase price (subject to a minimum of £975) including VAT unless otherwise stated.
Additional costs: The purchase of the property may be subject to (but are not limited to), VAT (if applicable), reimbursement of the seller’s search fees, reimbursement of seller’s legal and/or sales costs, stamp duty. Please check accompanying legal pack for further details.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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