Lot 24 Auction

55 High Street, Clydach, Swansea, SA6 5LH View map

Sold STC

Snapshot

FOR SALE BY PUBLIC AUCTION - Mixed Use Investment Opportunity with incomes representing an initial gross yield of over 9.5%.

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Description

    A detached, mixed use investment property located along the main road through Clydach, approximately 6 miles from Swansea city centre that has pointed stone elevations set beneath pitched tiled roof coverings and benefitting mainly from uPVC windows. We have been advised that the Comic Cafe and Boo gift shop are let on a 5 year lease, with 1 year remaining at a rental of £7,000 per annum and the generously proportioned first floor flat is let on an AST at £6,000 per annum (Total income: £13,000 per annum).

    The self contained maisonette is accessed by steps from the rear garden, with stairs leading up to a split level landing and briefly comprises two good sized living rooms, two double bedrooms and one single bedroom, kitchen and bathroom. The flat benefits from central heating via a Vaillant combination boiler (not tested).

    The themed coffee shop can accommodate approximately 16 people sitting inside, with extra seating areas to the rear with a players/gaming lounge. The retail units run by the same occupier have their own access points with separate doors and electric roller shutters, but are interconnected to provide a mix of retail therapy along with a coffee and fast food snack/cakes. The commercial unit briefly comprises the gift shop, coffee shop, preparation/serving area, inner hallway, staff kitchen, players/gaming lounge and a store room to the rear, w/c, with sink and baby changing facility. There is a basement accessed from the inner hallway that provides three additional store rooms.

    The property is in generally good order throughout and provides an ideal investment opportunity with both the retail and residential accommodation let, but the maisonette could benefit from some upgrading and decorative improvements. In our opinion, the current rental figure could be increased at the end of the lease on the ground floor and some improvements to the first floor to a figure in the region of £16,000 to £17,000 per annum.

    Clydach benefits from a mix of local amenities and service providers and is approximately 6 miles from Swansea city centre and in close proximity to J.45 of the M4 motorway.

Accommodation

    GF: Gift shop, Coffee shop, inner hallway, staff kitchen, players/gaming lounge, store room and w/c. Access is provided to the rear of the property to the first floor flat
    LGF: Basement area, providing three store rooms
    FF: Flat, known as 55A - Split level landing, two reception rooms, three bedrooms, kitchen and bathroom
    OS: Enclosed rear garden

Tenure

    Presumed Freehold – please refer to legal pack for verification of tenure

Viewing

    Viewing by appointment with Seel and Co (029) 2037 0117

Additional Fees

    Buyers Premium – 1% with a minimum of £1,000 (inc of VAT) payable on exchange of contracts. Please refer to the legal pack for any further disbursements to be paid by the purchaser on completion.

    Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.

Further Information

    Auctioneers Office, Seel and Co (029) 2037 0117

Auction Details

    FOR SALE BY PUBLIC AUCTION on 5 July 2022 online via the Seel and Co website. Bidding will commence from midday on Monday, 4 July and conclude in order from Lot 1 at 4:00 pm on Tuesday, 5 July 2022

Need to know

Please refer to legal pack and auction catalogue prior to bidding.

Please be aware that you cannot bid without having a deposit.

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