Cowbridge Road, Pontyclun, CF72

A rare opportunity to purchase a mid terraced building with mixed commercial and residential use, ideally located along the main thoroughfare of Pontyclun. The accommodation provides two commercial retail units at ground floor providing staff kitchen, WC's to rear and benefiting from rear access and car parking. On the first floor is a self contained two bedroom flat with kitchen, living room and family bathroom. The residential flat is accessed via external stairway to rear. All three units are currently let and producing a total income of ?28,800 per annum.

Location

The property is ideally located in a prominent position along the main thoroughfare of Cowbridge Road, Pontyclun. The property benefits from excellent road connections via the A473 and in turn the A4119 which links with Junction 34 of the M4 Motorway approximately 3.5 miles to the South East. Cardiff is located approximately 13.5 miles to the South East and Bridgend is located approximately 11 miles to the South West.

Description

The subject property comprises two ground floor retail units with self contained two bedroom flat above. Unit 14a is occupied as a gift shop by The Grey Hare Candle & Co and 14b occupied as barbers shop by Tame the Mane Ltd. Both retail units benefit from rear staff / storage areas and WC facilities. The first floor is a two bedroom residential flat comprising kitchen, bathroom, living room and two bedrooms. The property offers a generous parking area to rear.

Accommodation

From measurements taken on site we have calculated the following approximate floor areas. All areas on a Net Internal Area basis;-Ground Floor Retail Unit - 14aRetail Area:- 35.19m (379ft )WC:- UnmeasuredGround Floor Retail Unit - 14bRetail Area:- 38.57m (415ft )Store:- 1.53m (16ft )Kitchenette:- 4.45m (48ft )First Floor Residential Flat - 14cLiving Room; Kitchen; Bedroom One; Bedroom Two; Family BathroomTotal Net Internal Area:- 40.81m (439ft )

Tenancy Information

The property is fully let as follows:-- Unit 14a (The Grey Hare Candle & Co):Let on a 5 year lease from 1st July 2021.- Unit 14b (Tame the Mane Ltd):Let on a 5 year lease from 1st October 2019.- Unit 14c (First Floor Residential Apartment): Let on a residential tenancy. Total annual rent passing = ?28,800 p.a.The residential tenant is longstanding and the rent passing is considered to be below market rental level. There is likely to be rental growth available for the residential apartment.

Services

We have not tested any of the service installations and prospective occupiers must satisfy themselves independently as to the state and condition of such items prior to the transaction completing. The property benefits from mains electricity, water and drainage. We understand that mains gas is supplied to the residential flat which has a gas fired central heating system.

Planning

We understand that the current uses are longstanding and in compliances with planning policy.

Price

Freehold asking price ?395,000. A purchase at the asking price would represent a Gross Initial Yield of 7.29% based on the rents passing of ?28,800 per annum. The Gross Initial Yield does not take account of purchasing costs.

Business Rates

We have made online enquiries of the Valuation Office who confirm the following Rateable Value:14a Cowbridge RoadRateable Value 2023:- ?5,70014b Cowbridge RoadRateable Value 2023:- ?5,700We understand that both 14a and 14b have ratebale values which would make them eligible for 100% Small Business Rates Relief. However, we would advise all interested parties to make their own enquiries with the Rhondda Cynon Taff Local Authority in this regard for confirmation.

EPC Rating

EPC Rating:-14a Cowbridge Road (Retail Unit):- C14b Cowbridge Road (Retail Unit):- C14c Cowbridge Road (Residential Flat):- D

VAT

All figures quoted are exclusive of Value Added Tax (VAT). However, in this instance we understand that VAT is not applicable.

Anti Money Laundering

As part of our obligations under the UK Money Laundering Regulations 2017, Harris & Birt will require any purchaser or tenant to provide proof of identity along with any other supporting documents requested.

Arrange a Viewing

Strictly by appointment only with the sole agents Harris & Birt. Please contact our office or email [email protected] to arrange a viewing appointment.Contact: Richard Harris BSc (Hons) MRICS or Kelly Lakin in the Land & Commercial team on 01446 771777 (Option 3)Brochure Created 12th May 2023 - Ref: RCW55