Swansea Chiropractic Clinic has acquired first floor commercial accommodation along Gower Road within Killay. The premises was let at an undisclosed rent for a term of 5 years with provisions for a tenant break. Swansea Chiropractic Clinic has one of the few Chiropractors in Wales that has experience in the treatment of babies, young children and women during pregnancy.
AJ Financial Services has expanded their office presence by acquiring accommodation along Alfred Street within Neath Town Centre. The premises will also be occupied by Alexandra Chambers who has also expanded from Skewen and Gorseinon. The deal was negotiated by Astleys on behalf of the Landlord.
Sean Thomas of Astleys Chartered Surveyors commented, ” we are starting to see increased confidence and a slight growth both for office and retail acquisitions within central locations such as Neath. It is encouraging to know that confidence is improving and previous poorly performing sectors are starting to show recovery, albeit on a local level.”
Astleys has sold on behalf of a local landlord two freehold investment properties within West Cross Swansea at an impressive 7.45% Gross Initial Yield. The investment was achieving a passing rent of £21,625 pa secured by local covenants. Sean Thomas of Astleys comments, “we were surprised to achieve such a strong yield for two tertiary retail units at a time where the local investment market is still finding its feet as we recover from this recession. The yields we achieved is hopefully a sign that confidence is starting to improve in a sector that has historically (over the past 4 years) struggled to achieve anything greater than 12-14% for investments secured by local covenants.”
Due to an extremely successful 2014 Auction, Astleys are conducting a stand-alone Commercial Auction in 2015. Astleys successfully sold 85% of its commercial stock at auction in 2014, which was better than any other local agent selling commercial property at auction (Source EiG). Entries are already being invited for our forthcoming auction. For further information please visit www.astleys.net/commercial
Astleys have recently sold the Former Vetch Car Sales within Swansea City Centre for an undisclosed amount. The subject premises is approximately 2,912 sq ft over two floors, situated just off the main intersection along Dillwyn Street and within a short walking distance to the prime retail area of Oxford Street.
Astleys has recently let office accommodation to Aberavon Labour in the run up to the elections. Aberavon Labour Constituency has acquired first floor offices along Talbot Road for a term of 13 months in line with their campaign but hope to secure permanent office accommodation depending on the results of the election.
Astleys has sold the Grade II listed former court building along St Marys Square, Swansea to a national investor. The premises was previously granted planning permission for the conversion to 27 student units and expect commencement of works to start immediately.
Sean Thomas of Astleys confirms, “we had recently seen a large number of enquiries with over twenty viewings in the past few month, which is likely to be a result of the proposed student development along Fabian Way. We are starting to see an increase in activity for both residential and commercial investment opportunities, especially in busy central locations, which would attract student living accommodation.”
Astleys has seen an increase in property transactions over a short period of time within Neath Town Centre with two property transactions completing within a month of marketing and offers being proposed for similar properties nearby. We have managed to agree an occupational lease agreement in Alfred Street and a Freehold disposal within Windsor Road within one month when historically an average property transaction may take up to 3-6 months. It is in our opinion that the reason for such demand is that secondary retail accommodation is becoming more sought after due to the increasing burden from the out of date business rates liability within nearby prime retail areas.
Secondary areas such as Alfred Street, Windsor Road and London Road are being considered as these areas still provide a busy central location but offer much more affordable rent and rates. The majority of the units situated within these locations are under the current rating threshold whereby the anticipated rates payable in comparison to more central locations can be close to only a third of the value. Although we are starting to see an increase in activity within the prime retail areas of Neath with the recent relocation of Holland & Barrett to Green Street and the opening of Costa Coffee nearby, additional secondary areas are also starting to see an increase in demand.