Office for sale

Swansea Enterprise Park

Established business area approximately four miles north of Swansea City Centre and adjacent to Junctions 44 and 45 of the M4 motorway

Excellent car parking ratio of 1:198 sq ft

Modern, detached office building totalling approx. 46,477 sq ft

Let to the undoubted covenant of HSBC Bank Plc until March 2021

Unexpired term of 5.42 years

The tenant had a break option in March 2016 which they did not exercise, demonstrating their strong commitment to the building

The property is held on a long leasehold interest expiring on 10th December 2115 (100 years unexpired), at a peppercorn rent

Rent of £436,250 per annum (low base rent of £9.42 psf)

Offers in the region of £5,000,000 (FIVE MILLION POUNDS), reflecting a capital value of £107.60 psf

Attractive Net Initial Yield of 8.25% allowing for acquisition costs of 5.8%

Swansea Enterprise Park, Atlantic Close, Swansea, Ty Dyffryn, SA7 9FJ

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The city of Swansea, which has a population of about 230,000, is the second largest city in Wales and is located on the northern shores of the Bristol Channel, about 85 miles west of Bristol and 42 miles west of Cardiff. Swansea Enterprise Park was designated an Enterprise Zone in 1981 and in total covered 314 hectares (775 acres). Following considerable public and private sector investment in infrastructure, the area has attracted significant mixed use development, with office occupiers in particular including the Land Registry, Royal Mail, Welsh Assembly Government, EDS, John Collins Solicitors, Western Power & Distribution and the NHS Trust.

Units & floor plans

Unit Size
1st Floor
23,214
2,156.65
Ground Floor
23,263
2,161.21
Total / Avg.
46,477
4,317.86

* All sizes NIA

Find out more information about this building's development and technical spec.

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Transport

Swansea Enterprise Park is an established and well recognised retail and commercial location, situated approximately 4 miles north east of Swansea City Centre

National rail

Swansea has a mainline railway station that provides a regular fast link to Cardiff and London Paddington

Road

Close proximity to Junctions 44 and 45 of the M4 motorway

Amenities

Swansea is the main city serving South West Wales and is host to two Universities, as well as being an established base for major public and private sector employers such as the DVLA and Admiral Insurance.

Offers

Offers are invited in the region of £5,000,000 (FIVE MILLION POUNDS) for the long leasehold interest. This reflects a net initial yield of 8.25% (assuming purchasers costs of 5.8%) and a low capital value of £107 psf

Further information

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Lease overview

The property is let to HSBC Bank Plc on a 15 year lease from 22nd March 1996. This was extended via a new reversionary lease for 10 years from 22 March 2011, thus expiring on 21st March 2021.

There was a tenant option to break on 22 March 2016 subject to 6 months prior notice, which was not exercised, demonstrating the tenant’s strong commitment to the building.

Tenancy schedule
Floor / Demise Tenant NIA (sq ft) Rent (p.a.) Start date Expiry date Next review Comments
Ground and 1st Fl...MoreHSBC Bank Plc46,282£436,25022/03/201121/03/202122/03/2016TOB not exercised
Covenant overview

HSBC Bank Plc is a leading global banking institution and is the world’s largest banking and financial services group as well as the world’s 8th largest company.

HSBC has an enormous operational base in Asia and significant lending, investment and insurance activities around the world. The company has a global reach and financial fundamentals matched by few other banking multinationals.

HSBC is listed on the London, New York, Hong Kong, Paris and Bermuda Stock Exchanges and is a constituent of the FTSE 100 Index and the Hang Seng Index.

Covenant schedule
Tenant Turnover Pre-tax profit Net current assets Comments
HSBC Bank Plc£18,313,000,000£1,953,000,000£28,784,000,000As on 31/12/2014
Technical spec

Raised floors

2 x 8 person passenger lifts

Suspended ceilings

On-site staff / canteen facilities

Air conditioning

Male and female WC’s

Gas central heating

Double glazing

There are approximately 235 car parking spaces within the secure car park, at an excellent ratio of 1:198 sq ft

Sustainability

The property has a rating of D 96. A copy of the certificate is available upon request

VAT

We understand the property is elected for VAT and will be treated as a Transfer of a Going Concern (TOGC).

EPC

Available on request

Media store

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Property marketed by:

Well secured office investment let to HSBC Bank

£5,000,000

Property descriptions and related information displayed on this page are marketing materials provided by Finn & Co. Realla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Finn & Co Dislaimer Finn & Co for themselves and for the vendors or lessors of this property whose agents they are, give notice that:- a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise; c. no person in the employment of Finn & Co has any authority to make or give any representation or warranty whatever in relation to the property; d. Any images maybe computer generated. Any photographs show only parts of the property as they appeared at the time they were taken @2015 Finn & Co