6
MARKET CHAMBERS THE PARADE NEATH SA11 1PU LONG LEASEHOLD MIXED USE INVESTMENT FOR SALE (18,944 ft 2 /1,760 m 2 ) OFFERS IN EXCESS OF £725,000 PLUS VAT
MARKET CHAMBERS THE PARADE NEATH SA11 1PU
LONG LEASEHOLD MIXED USE INVESTMENT
FOR SALE (18,944 ft2/1,760 m2)
FIRST TIME ON THE MARKET SINCE 1959 OFFERS IN EXCESS OF £725,000 PLUS VAT
Location
Located at the junction of The Parade and Maes-Yr-Haf Road within the main retail area of Neath. Neath mainline station and bus station is directly to the south west of the building. Local occupiers include NatWest, Barclays Bank, New Look, Next & Marks & Spencer and Specsavers. Neath is approximately 10 miles east of Swansea, with a population of approximately 46,000. It has excellent road communications via Junctions 42 and 43 of the M4, and Cardiff is about 40 miles south east. Direct rail services to London Paddington take approximately 3 hours.
MARKET CHAMBERS, THE PARADE, NEATH, SA11 1PU
MARKET CHAMBERS, THE PARADE, NEATH, SA11 1PU
Description The property consists of four A3 retail units on the ground floor which are fully let and 14,278 ft2 of modern office accommodation arranged over the first, second and third floors. The third floor office is in shell condition leaving options for further development. There is a small service yard to the rear of the building. In 2010 a substantial refurbishment programme was completed which included new cladding to the exterior of the property, double glazing, new roof and insulation, new shop fronts to the four retail units, WC’s, shower facility and kitchens, CAT2 and emergency lighting, decoration and heavy duty carpet tiles throughout.
Tenure The property is held on a 125 year lease from 13th July 2007. The ground rent payable is £3,625 p.a, which is fixed for the term of the lease with no review. The freeholder is Neath Port Talbot Council.
MARKET CHAMBERS, THE PARADE, NEATH, SA11 1PU
Amenities
Air conditioning Fully accessible raised flooring DDA compliant Passenger lift to all floors Large reception area VDU compatible lighting BREEAM rating "Very Good“ Shower facility CCTV, Fire & Burglar Alarm Systems
Indicative Floorplan (Second Floor Shown)
Accommodation
MARKET CHAMBERS, THE PARADE, NEATH, SA11 1PU
Tenancy Schedule
Property Address
Tenant Lease Term
Lease From/To
Rent PA Description NIA * ft2 Notes
2 The Parade
Hycare Fast Foods Ltd
15 Years 09.10.2004 08.10.2019
£16,400 Ground Floor Retail
1,009.65 (taken from VOA)
Retail
4 The Parade
S & J Enterprises t/a Pizza Hut
20 Years 06.05.2014 05.05.2034
£10,000 Ground Floor Retail
967.46 (taken from VOA)
Retail
6 The Parade
Isam Alkarnaz 20 Years 25.12.2001 24.12.2021
£16,000 Ground Floor Retail
1,017.19 (taken from VOA)
Retail
10-12 The Parade ZSR Leisure Ltd 25 Years 01.04.2015 31.03.2035
£18,000 Ground Floor Retail
1,761.73 (taken from VOA)
Retail Tenant break in March 2018
Suite 1A Floor
Remploy Ltd 5 Years 27.04.2012 26.04.2017
£13,500 First Floor Office
1,500
Suite 1B
Vacant First Floor Office
1,905
Suite 1C
Ronald Leighton Evans
3 Years 01.11.2013 31.10.2016
£5,100 First Floor Office
587
Suite 1D
Remploy Ltd 1 Year 10.02.2016 09.02.2017
£15,000 Part First Floor Office
1,135
Suite 2A & 2B
Vacant Second Floor Office
5,061
3rd Floor
Vacant Third Floor Office
4,000 Shell condition
TOTAL £94,000 plus VAT
Please note, details of shortfall and non recoverables on the vacant space are available on request.
Joint Agents
Nick Duck
Strettons 020 7907 7422
Price We are instructed to seek offers in excess of £725,000, for the long leasehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £38.27 per ft2. The property is held within an SPV and the sale of the company would be considered.
MISREPRESENTATIONS: These particulars do not constitute an offer of contract. We have not tested any of the services referred to in these particulars. The accuracy of any description, dimensions, reference to condition, necessary permissions for use and other details contained herein is not guaranteed and is for general guidance only. Applicants should satisfy themselves as to the correctness of the details including as to whether VAT is payable on rents, prices or premiums
Gareth Harries
Rowland Jones 01792 479834
EPC Rating D
VAT The property is elected for VAT.
