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Morgan Leahy property investment group

South Wales - The Development

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Rental Analysis

We have analysed the passing rents to equate to the following figures:

  Rental
UNIT per m2 Zone A per ft2 Zone A
Superdrug £1,083.75 £100.68
Gilesports £1,157.37 £107.52
Body Shop £1,286.76 £119.54
Coffee Shop £227.12 £21.10

These figures are based on the following assumptions:

  • £64.59 per m2 (£6.00 per ft2) on the ground floor ancillary.
  • £53.82 per m2 (£5.00 per ft2) on first floor ancillary.
  • Remainder valued at A/14.
  • +7.5% allowance for the Body Shop's return frontage.
  • -15% allowance for the Coffee Shop's frontage to depth ratio.

In terms of evidence, we understand the latest deal in the City is the former Mothercare unit at 168 Commercial Street, which is under offer at £1,345.53 per m2 (£125 per ft2) Zone A. The Clarks unit/41 Commercial Street (diagonally opposite the Body Shop unit) is subject to a review with an effective date of December 2002. We understand the passing rent devalues to £1,291.71 per m2 (£120 per ft2) Zone A and the settlement is likely to be in the range £1,291.71- 1,345.53 per m2 (£120-125 per ft2) Zone A.

It is interesting to note that Debenhams wish to take a unit in the City and confirms that the location is a good trading prospect for retailers. We consider that the rental tone for the pitch at up to £45.33 per m2 (£125 per ft2) Zone A is low when compared to Swansea £1,614.60 per m2 (£150 per ft2) Zone A and Cardiff £2,744.82 per m2 (£255 per ft2) Zone A offering very good prospects for growth.

Click here for a Tenancy chart in PDF format

 

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Morgan Leahy Property Investment Group   info@morganleahy.com

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