Office - Investment - Building IV Telelink - Swansea
- Established business area approximately four miles north of Swansea City Centre
- Modern offices built 2004 comprising approximately 66,855 sq ft
- Undoubted Government covenant
- Unexpired term of 5.4 years
- Net initial yield of 9.5% allowing for acquisition costs of 5.8%
The property comprises a Grade A office building constructed in 2004 totalling 6,211 sq m (66,850 sq ft) over ground and first floors.
The property is of steel portal frame construction beneath a pitched roof and
part brick/clad elevations.
The facility is used by the DVLA as their main contact centre for the UK and
The site totals 1.24 ha (3.07 acres).
The City of Swansea is located approximately 42 miles west of Cardiff and 190 miles from London benefiting from excellent access to the M4 motorway via Junctions 42 through to 47.
Swansea is Wales’ second largest city being the administrative and commercial centre for West Wales with excellent communications by road and rail (London
Paddington 3 hours). Major employers within the City include the Inland Revenue, DVLA, NHS Trusts, Land Registry and further private companies including NTL, EDS, HSBC and Admiral Insurance.
Swansea has a resident population of 237,000 (2001 census) with a further 580,000 people (estimate) living within 30 minute drive time. There are approximately 100,000 people employed in Swansea with the main focus being on the service sector which employs almost 85% of all personnel.
The property is held on a long lease from Swansea City Council for a term of 125
years from 20 December 2002 at a fixed rent of £500 per annum.
The property is underlet to The First Secretary of State with the Driver Vehicle
Licensing Agency (DVLA) occupying the property for a term of 15 years from 30
August 2004.The unexpired term is essentially 5.4 years.
Offers sought in excess of £6,670,000 (Six Million, Six Hundred and Seventy
Thousand Pounds) reflecting a net initial yield of 9.5% and a capital value of £99 per sq ft allowing for purchaser’s costs of 5.8%.