INVESTMENT - Penthouse Floors 27, 28, 29 Meridian Tower, Swansea, SA1 1JW
For Sale £ 1,400,000 For Sale
Meridian Tower is a 29 storey apartment block soaring 107m high leaving an impressionable mark on the Swansea Bay skyline. The area surrounding the tower is predominantly residential in nature but neighbouring occupiers include Estate Agencies, Restaurants, and various shops.
The premises is let currently to S.A Brains & Company t/a The Grape and Olive. S.A Brains & Company made an operating profit in 2017 of £5.5m, an increase of 23% over 2016, and had an increase in annual turnover of 7% resulting in a turnover of £135m. Their pub sales growth grew by 1.5% on like-by-like basis, with a 5% increase in their food sales.
S.A Brain & Company occupy the premises by way of a formal lease dated November 2010 for a term of 25 years. The current passing rent is £105,000 per annum, and the lease provides for rent reviews every five years. The next rent review is in November 2018 and is subject to RPI increases.
The Leasehold interest in our clients property is available to purchase for £1,400,000 (One Million Four Hundred Thousand Pounds). The Head Lease is for a term of 150 years from 2010. Additional details are available upon request.
Based on the current asking price and rental produced, a potential Gross Initial Yield of 7.5% is achievable.
Viewing is strictly by appointment only, and under no circumstances are any approaches to be made to the occupier.
All interest should be directed to the sole selling agent, Dawsons, on the contact details below.
01792 478 907
01792 478 908