Astleys Chartered Surveyors has concluded a successful auction to the latter part of 2014 with over 83% commercial lots sold and the remaining lots currently under offer. Director, Rob Cowley explains, “we have recently seen an increased amount of instructions for commercial properties at auction towards the end of this year. This combined with our successful results will hopefully improve our position in the market for 2015”.
Astleys Chartered Surveyors has recently acquired on behalf of Joes Ice Cream the remaining unit along Heron Way Junction in Swansea Enterprise Park. The deal was for a term of 15 years at an undisclosed rent. The retail development comprises of five leisure operator led retail units occupied by Subway, Greggs, Flanigan’s and finally Joe’s Ice Cream together with the first Costa Coffee Drive-Thru in Wales. Although Costa Coffee Drive-Thru are currently open for trade, practical completion for the remaining units is likely to be in January 2015.
Astleys Chartered Surveyors has recently let the former Get Connected unit situated within the prime retail area of Green Street, Neath. The unit was let to electronic cigarette operator K-Vape Ltd T/A King Vape. A deal was mutually agreed for an initial term of 12 months to take into consideration the possible changes in legislation and proposals set by the current government for 2016 for the sale of electronic cigarettes.
Sean Thomas of Astleys explains, “due to the recent publications and proposals for electronic cigarettes containing nicotine to be regulated as medicines in the United Kingdom in 2016, to ensure their quality and safety, we had to come to a mutual agreement to allow the prospective tenant a potential exit strategy to ensure they are not hampered by any future changes in legislation that may restrict the sale of electronic cigarettes in typical retail locations such as Green Street. Although the sale of electronic cigarettes containing nicotine is likely to be a licencing issue, it is difficult to determine at this moment in time how the government (or possibly new government) will impose these regulations.”
Signs of improvement in the property market has allowed Astleys Chartered Surveyors to expand their Professional and Commercial Agency Department. Astleys have moved their offices to the Enterprise Zone in Swansea within Charter Court. Sean Thomas, Head of Commercial Agency, explains “we have seen an increase in activity throughout the majority of commercial sectors. Instructions for professional work appears to have improved over the past 12 months and our stock levels from an agency perspective have increased by 70%, which indicates that market confidence is improving. We are confident that we can grow even further.”
Astleys along with joint agent Dylan Jones Retail have secured a 10 year lease with British Red Cross in Oxford Street, Swansea. British Red Cross were currently in occupation on an initial temporary agreement but have since secured a longer occupational leasehold agreement. Sean Thomas of Astleys believes, “the decision for British Red Cross to commit to a much longer agreement would suggest that confidence is starting to improve as the national average lease term since the recession has dropped to just over five years with the majority of deals within South West Wales dropping just short of the national average.”