1-5 Fishmarket Quay, Trawler Rd, Swansea, SA1 1UP
- Property Type: Investment
- Size: 14,322 sq m (1,331 sq ft)
• Located in Swansea Maritime Quarter • Prominent Marina Location in close proximity to City Centre • Business Units providing a mix of industrial, office, retail and leisure uses • Established tenant base, committed to Marina location • 14,322 sq ft on a site of 0.28 acres • Long-leasehold – 200 years at a peppercorn • Passing rent of £64,520 p/a • Very low average rent of £4.69 per sq ft • ERV of £96,674 p/a (£6.75 per sq ft) • Highly reversionary • Asset Management Opportunities
Swansea is the second largest city in Wales with a local population of 238,500 (2021 Census) and a wider catchment of 700,000 within the Swansea Bay City Region. Major investment and expansion has continued within Swansea’s higher education sector with both Swansea University and University of Wales Trinity St Davids with new campus and facilities being developed recently. Swansea has a regular mainline rail service to London Paddington and sits to the South of the M4 motorway.
Situation
Fishmarket Quay is located within the Maritime Quarter, to the south of Swansea City Centre. Access is via Trawler Road which links to the A4067 providing access to the M4 via junctions 45, 44 and 42. Swansea’s Maritime Quarter sits between the picturesque marina and busy city centre and is home to a mixture of residential, commercial and leisure facilities. Modern apartments and townhouses provide waterfront living at Fishermans Way, along with a mix of restaurants, cafes and cultural attractions. The area benefits from excellent transport links and occupiers in the direct vicinity include, Pump House, National Waterfront Museum, El Pescador, Swansea Arena, LC2 Swansea and the iconic Meridian Tower, Wales’ tallest residential building.
The subject property comprises a terrace of 5 business units in a prominent Marina location. Each unit benefits from glazed customer/ pedestrian entrances, fronting the marina. Loading, service doors and car parking is to the southern elevations, fronting Trawler Road. Externally the units are of brickwork construction to the front and rear elevations, with profile steel cladding to the sides. Internally, the floors are of concrete slab with block work walls. There are toilets within and offices/mezzanine areas to the first floors. A number of units have been adapted to provide shopfronts/retail/restaurant areas and Unit 5 has been sub-divided to provide two separate lettable areas.
Tenure
Long-leasehold. A new 200 year lease at a peppercorn will be granted on completion by Swansea Council. There will be a restrictive covenant limiting the permitted uses to A1/A2/A3/ B1/B2/B8 uses
Service charge & Insurance
Service charge and building insurance are fully recoverable from the tenants, although there is currently no formal service charge regime in place.
VAT
The property is not elected for VAT and it is therefore not anticipated VAT will be payable on the purchase price.
Proposal
Offers in excess of £750,000 (Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.18%, a Capital Value of £52 per sq ft, assuming purchasers costs of 5.17% and a reversionary yield of 12.26%