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Commercial Investment (Business Unaffected)

Under Offer

2A Gas Lane, Tenby, SA70 8AG

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Summary

The property is a purpose-built pharmacy, of traditional construction and situated to the end of a terrace. We understand that the building was constructed approximately 15 years ago.
The ground floor provides two separate entrances leading to a retail / dispensing area, while the remaining floors provide a mix of clinic rooms, offices, storage and bathroom.
We consider that there is future potential to convert the upper floors to alternative uses with self-contained entry.
  • £22,000 per annum Rental Income
  • NIY - 5.6%, assuming Purchaser's Costs of 4.2%
  • Situated opposite Tenby's only Doctors Surgery
  • Affluent Coastal Location
  • New 10 Year Term
  • Let to Regional Pharmacy Chain
Property Type Investment
Tenure For Sale
Status Under Offer
Price £375,000
Size1,429 sq ft

Location

The property is strategically located opposite the only Doctor's surgery within Tenby, as well as the adjacent Cottage Hospital and Dental Practice. The property is to the North of the town centre, in close proximity to a large surface car park, and within easy walking distance of the beach and shopping amenities within the town.

2A Gas Lane, Tenby, SA70 8AG

Description

Specification

The property benefits from the following features.

  • Two separate entrances
  • GF retail / dispensing area
  • Clinic rooms, offices and storage areas
  • Pull-in parking bay to front of premises
  • Adjacent to large surface car park

Terms

We are quoting a sale price of £375,000 which reflects a Net Initial Yield of 5.6%, assuming purchaser's costs of 4.2%.

Accommodation

Accommodation

The accommodation is arranged over 3 floors, providing the following Net Internal Areas:

Unit sq ft sq m
Ground Floor 618 57
First Floor 394 37
Second Floor 417 39
Total 1,429 133

Terms

Tenure

The freehold interest in the property is available for sale, subject to an occupational FRI lease for a term of 10 years dated 10th January 2019 to Magawell Ltd.

The passing rent is £22,000 per annum. The lease contains an upwards only rent review to open market value upon expiry of the 5th year of the term. 

A copy of the lease can be made available to interested parties upon request.

Covenant 

The property is let in its entirety to Magawell Ltd for a new 10 year term commencing 10th January 2019.

Magawell Ltd trades as Evans Pharmacy operating 10 pharmacies across South Wales. Further information is available at www.evanspharmacy.wales

Company accounts for Magawell Ltd are available upon request.

Other Information

Service Charge

N/A.

Planning

The unit currently benefits from planning consent for A1 / D1 use. We would encourage interested parties to make their own enquiries with the local planning authority in this regard.

Business Rates

The Rateable Value for the subject premises is £15,000.

The valuation Office assessment is available as a download via the BP2 Website.

EPC

The property has been graded as 108 (E). The EPC document is available for download via the BP2 website.

VAT & Legal Costs

All prices, premiums and rents are quoted exclusive of VAT.

We understand that the sale can be treated as a Transfer of Going Concern (TOGC).

Each party is responsible for their own legal costs incurred in any transaction.

Information Pack

A link to download a full information pack can be made available to interested parties once a formal expression of interest is received.

image of David Blyth MRICS

Enquire Now

David Blyth MRICS

07966 752301

image of Roger Poolman FRICS

Enquire Now

Roger Poolman FRICS

07775 037782

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