• Let to Lloyds Bank plc

• In excess of 38 years unexpired lease term

• No breaks

• Lease provides Privity of Contract

• Prime retailing pitch

• Offers in the region of £5,100,000, subject to contract

• 5.0% Net Initial Yield

Swansea is a popular, busy retailing destination and the subject property occupies a prime retailing pitch on the pedestrianised Oxford Street within the heart of the city centre.

Swansea indoor market is immediately adjacent and the entrance to The Quadrant Shopping Centre is also in close proximity. Surrounding occupiers include Primark, Marks & Spencer, Next, River Island, Sports Direct, H&M and Carphone Warehouse.

Swansea Market is the largest indoor market in Wales, an award-winning historic market that is open 6 days a week with over 100 stalls. It was crowned ‘Britain’s Best Large Indoor Market 2020’ and recognised for its place within the city centre regeneration programme. The Market’s facilities are currently being extensively upgraded.

The Quadrant Shopping Centre comprises over 440,000 sq ft of retail shops, stores and cafes with 569 car parking spaces. With a reported footfall of 9.7 million per annum, tenants include Boots, JD Sports, Ernest Jones, Superdrug and Holland & Barrett.

The property comprises a banking hall on ground floor with ancillary accommodation on basement, first and second floors. Internally, the front of house Banking Hall has been fitted out by Lloyds to their usual corporate style.

A new long leasehold interest expiring 17th December 2127 (107 years unexpired) at a peppercorn rent. The superior interest is a long leasehold interest between Swansea City Council (the freeholder) and Swansea SA 1 LLP which expires 24th December 2127.

The property is let to Lloyds Bank plc on effectively a full repairing and insuring lease for a term of 99 years from 25th December 1959, expiring on 24th December 2058. Therefore, the unexpired lease term is in excess of 38 years, without breaks.

The current passing rent is £272,500 per annum. The lease benefits from 14 yearly upwards only rent reviews, next due December 2029 and then December 2043. The rent review of 25th December 2015 is currently outstanding.

The lease provides an investor with the benefit of Privity of Contract.

Lloyds Bank plc (Co. No. 2065), has reported the following figures;

Lloyds Bank was founded in 1765 and is one of the leading British retail and commercial banks with over 1,000 branches across England and Wales. The bank is the principal subsidiary of Lloyds Banking Group which is a publicly quoted company and the largest UK retail and commercial financial services provider with around 26 million customers. The Group’s main business activities are retail and commercial banking, general insurance and long-term savings, provided through well recognised brands including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. For further information visit www.lloydsbankinggroup.com.

The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). 

1. Investment opportunity let to the undoubted covenant of Lloyds Bank plc;

2. In excess of 38 years unexpired lease term, without breaks;

3. Lease provides full Privity of contract;

4. The property occupies a prime pitch within the city centre;

5. A purchase at the asking price will provide an investor with an attractive net initial yield for a highly secure freehold investment;

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.