The two properties are three storey (plus basement) terraced buildings, constructed circa 100 years ago, but recently refurbished to provide ground floor retail units along with ancillary basement accommodation. The residential flats above have been sold off on a long leasehold tenure paying a fixed peppercorn rent.
Unit 54/55 Glazed shop front at ground floor level, with metal effect cladding panels to the upper floors. The retail occupier is currently undertaking significant refurbishment and is due to open for business later this year. The £250,000 refurbishments include a kitchen, 1 on 1 meeting rooms, open plan reception/meeting area and a new disabled lift servicing the basement, also being refurbished to include office and meeting room accommodation.
Unit 56/58 Glazed shop at ground floor level with stone and rendered elevations. The ground floor provides regularly shaped clear retail accommodation which has been fitted out to the corporate specification of the tenant. The basement provides storage and staff accommodation. Externally, there is loading to the rear of the building at basement level
Location
Pontypridd, which has a population of approx. 32,000, is a market and university town located at the confluence of the Taff and Rhondda Valleys, about 12 miles north west of Cardiff. The town is served by the A470 (Cardiff – Merthyr Tydfil), which connects to junction 32 of the M4 motorway, five miles to the south. The properties are adjacent to one another and situated in the town centre, on the eastern side of Taff Street, close to its junction with Crossbrook Street. The locality is predominantly retail where neighbouring occupiers include Iceland, Peacocks, Holland & Barratt and Specsavers. The area benefits from the £117million Pontypridd Regeneration Plan so far delivering the three Llys Cadwyn buildings situated less than a 100 metres north of the subject properties. The scheme includes Grade A offices, occupied by Transport for Wales, Llyfrgell Library and the state of the art leisure/fitness centre.
Accommodation
9,385 sq ft net approx.
Terms
Business Rates We understand Unit 54/55 does not currently have a Rateable Value as the building is being refurbished. Unit 56/58 has a Rateable Value of £34,750 from 1 April 2023
Legal Costs Each party is to be responsible for their own legal costs.
VAT Under the Finance Acts 1989 and 1997, VAT may be levied on the rent/purchase price. We recommend that the prospective tenants/purchasers establish the VAT implications before entering into any agreement.
AML A successful purchaser will be required to provide relevant information to satisfy the AML requirements when Heads of Terms are agreed. Code for Leasing For the latest RICS advice on commercial property leasing, please consult the RICS Real Estate Code for Leasing 2020
Energy Performance Certificate 54-55 Taff Street – Rating E (115) 56-58 Taff Street – Rating D (97)
Specification
• 9,385 sq ft net approx.
• £72,000 per annum rental income
• NIY of 9.00%; Reversionary Yields of 9.48% in 2025 and 9.94% in 2030.
• £760,000