Commercial Property for sale

The property comprises a substantial size end terraced commercial premises, which is situated along a prominent main road position, fronting The Kingsway within Swansea city centre.
Internally, the subject premises accommodates a relatively large ground floor sales area with a return frontage facing both The Kingsway and Union Street, which can be accessed directly off the main pedestrian walkway to the front via a recessed sales display window entrance, with a gross frontage of approximately 27.30m in total. The main sales area, which is generally of an open plan layout is also supported by ancillary accommodation over the remaining floors, comprising various office rooms, storage areas and a staff kitchen and w.c. facilities.
The subject premises has also been subdivided over the first and second floors to comprise a separate commercial unit which is currently occupied for use as a tattoo studio. This self-contained unit can also be accessed independently over the ground floor via a separate entrance foyer and stairwell, which can be accessed off Union Street along the southeast corner of the building.
We also advise that the subject premises is currently occupied and let in its entirety to two separate businesses. The majority of the ground floor and supporting ancillary areas over part of the first and second floors (including the entire basement) is let to The Optic Shop for a term of 7 years from March 2024, producing a current rent passing of £40,000 per annum. The remaining accommodation, which is occupied for use as a tattoo studio, is let to Park Street Tattoo for a term of 5 years from November 2024, producing a current rent passing of £7,000 per annum.
Description - The property comprises a substantial size end terraced commercial premises, which is situated along a prominent main road position, fronting The Kingsway within Swansea city centre.
Internally, the subject premises accommodates a relatively large ground floor sales area with a return frontage facing both The Kingsway and Union Street, which can be accessed directly off the main pedestrian walkway to the front via a recessed sales display window entrance, with a gross frontage of approximately 27.30m in total. The main sales area, which is generally of an open plan layout is also supported by ancillary accommodation over the remaining floors, comprising various office rooms, storage areas and a staff kitchen and w.c. facilities.
The subject premises has also been subdivided over the first and second floors to comprise a separate commercial unit which is currently occupied for use as a tattoo studio. This self-contained unit can also be accessed independently over the ground floor via a separate entrance foyer and stairwell, which can be accessed off Union Street along the southeast corner of the building.
We also advise that the subject premises is currently occupied and let in its entirety to two separate businesses. The majority of the ground floor and supporting ancillary areas over part of the first and second floors (including the entire basement) is let to The Optic Shop for a term of 7 years from March 2024, producing a current rent passing of £40,000 per annum. The remaining accommodation, which is occupied for use as a tattoo studio, is let to Park Street Tattoo for a term of 5 years from November 2024, producing a current rent passing of £7,000 per annum.
We therefore advise that the total passing for the subject premises is £47,000 per annum.
Location - The property is situated within Swansea City Centre with the property having a frontage to The Kingsway and Union Street.
Swansea City Centre and furthermore the immediate vicinity is currently undergoing a programme of regeneration, with Swansea Council currently in the process of creating a new hi-tec office development in the former Oceania Nightclub site, along 71 & 72 The Kingsway. The scheme will feature flexible core working and office opportunities for innovative tech, digital and creative sector business. The former Barclays Bank premises at 69 & 70 The Kingsway will also be transformed into new style flexible works space.
Accommodation - The subject premises affords the approximate dimensions and areas.
The Optic Shop
GROUND FLOOR
Sales Area: 142.67 sq.m (1,535.70 sq. ft.)
Shop Depth (max): 8.51m (27'11")
Internal Width (max): 20.64m (67'9")
Sales (ITZA): 131.63 sq.m (1,416.91 sq. ft.)
FIRST FLOOR
Ancillary: 52.47 sq.m (564.78 sq. ft.)
SECOND FLOOR
Ancillary: 44.02 sq.m (473.83 sq. ft.)
BASEMENT
Ancillary: 146.97 sq.m (1,581.98 sq. ft.)
Tattoo Studio
FIRST FLOOR
Sales Area: 71.66 sq.m (771.34 sq. ft.)
SECOND FLOOR
Ancillary: 62.62 sq.m (684.80 sq. ft.)
Rates - As stated on the VOA website the Rateable Value for the subject premises is as follows:
The Optic Shop: £21,500
1st & 2nd Floors (Tattoo): £8,200
From April 2018 the Welsh Government set the multiplier according to the Consumer Price Index (CPI) and for the financial year 2025-26 the multiplier will be 0.568.
Rates relief for small business with a rateable value up to £6,000 will receive 100% relief and those with a rateable value between £6,001 and £12,000 will receive relief that will be reduced on a tapered basis from 100% to zero.
We advise that all enquiries should be made with the Local Authority Rates Department to verify this information. For further information visit www.voa.gov.uk.
Vat - All figures quoted are exclusive of VAT. Our client reserves the right to levy VAT on this transaction (if applicable).
Terms And Tenure - The subject premises is held on Long Leasehold interest for a term 99 years from 25 December 1954 (WA810592), with an unexpired term of 28 years, subject to an initial ground rent payable of £500 per annum.
The Head Lease is also subject to the following under-leases.
Optic Shop - (Ground Floor, Part First & Second Floor, Basement)
Let to The Optic Shop (Swansea) Ltd for a term of 7 years from 31st March 2024 (with a rent review on the 5th anniversary), producing a current rent passing of £40,000 per annum.
Park Street Tattoo Studio - (Part First & Second Floor)
Let to a private individual (trading as Park Street Tattoo Studio) for a term of 5 years from November 2024, producing a current rent passing of £7,000 per annum.
Viewing - By appointment with Sole Agents:
Astleys Chartered Surveyors
Tel: 01792 479 850
Email: [email protected]