21 GREEN STREET & 1/7 QUEEN STREET, NEATH
- 100% prime position at the heart of Neath’s retailing core.
- Prominent property with return frontage onto the pedestrianised Green Street and Queen Street.
- A well configured store arranged over ground and two upper floors, with a total area of 35,422 sq ft (3,290.8 sq m).
- Let to the 5A1 covenant of Marks and Spencer P.L.C. until March 2027.
- Restricted alienation clause and tenant option to renew for a further 40 years from expiry.
- Passing rent of £261,904 per annum (£7.04 per sq ft).
- Includes a car park for approximately 20 vehicles.
- Benefits from fixed annual rental uplifts of 1.95%.
Offers sought in excess of £3,280,000 subject to contract and exclusive of VAT.
|Net Initial Yield||7.50%|
Yields are net of purchaser’s costs of 6.48%.
Excellent frontage to both Green Road and Queen Street
The property comprises a prominent retail unit with excellent frontage onto pedestrianised Green Street and return frontage onto Queen Street, with accommodation arranged over ground and two upper floors.
The ground floor comprises an open plan sales floor, with a large proportion of sales space utilised as an M&S Foodhall. Stock rooms and staff accommodation are located in the upper floors.
Servicing of the store is provided via Orchard Street to the rear of the property where there is also a car park for approximately 20 cars.
The property is let in its entirety to Marks and Spencer P.L.C. for a term commencing 6 July 2001 and expiring 31 March 2027.
The current rent of £261,904 per annum from 29th September 2019 is subject to fixed uplifts of 1.95% per annum on 29th September annually. The rent reflects £7.04 per sq ft, incorporating an addition of 5% for fittings.
The alienation provisions are restrictive and highly beneficial to the landlord; the tenant can only to assign to a company within the Marks and Spencer group or “of no less a financial standing” than Marks and Spencer P.L.C. as at the start of the lease in 2001, i.e. an investment grade rating of ‘A’ or better.
The lease is FRI and is outside the L&T Act 1954.
On expiry, the tenant has the right to renew the lease for a term of 40 years, at open market rent, with a break at the 15th year (31st March 2042).
The property is held freehold under title number CYM26191.
Neath is an established commercial centre in southern Wales, approximately 10 miles (16.1 km) east of Swansea and 38 miles (61.2 km) west of Cardiff.