36 Woodfield Street, Morriston, Swansea, West Glamorgan, SA6 8AB

Description

The property comprises a high yielding retail investment occupying a popular high footfall pitch. The ground floor and basement is let to PDSA Charity Shop, long standing tenants of 30+ years, on a five year lease expiring 04.03.2028 and paying £12,000 per annum. The property includes rear access via an alleyway from Slate Street. The property benefits from a frontage to Woodfield Street, the principal retail amenity for the suburb of Morriston. The surrounding area is characterised by a mix of local and national retailers including Greggs, Subway, Specsavers and Iceland.

Accommodation

Ground floor and basement; 2,889 sq ft (268.35 sq m)

Location

Frontage to Woodfield Street, the principal retail amenity for the suburb of Morriston. The surrounding area includes Greggs, Subway, Specsavers and Iceland. Rear access is via an alleyway from Slate Street.

Tenure / Property Information

Investment Analysis

The £90,000 guide is below the most relevant nearby freehold retail comparables: £108,000 at 40 Woodfield Street, £110,000 at 37 Woodfield Street and £125,000 at 26A Woodfield Street. On the supplied evidence, an indicative GDV range is £108,000–£125,000, with a base estimate of £110,000. The £300,000 2020 terraced sale is not treated as directly comparable.

Investment Snapshot

Strategy Recommendation

Prioritise as an income-led commercial investment rather than a refurbishment or flip. Confirm the lease, rent review provisions, repairing obligations, EPC, title, buyer premium, VAT position and tenant covenant before bidding.

Works Required

No refurbishment works are evidenced. The investment is occupied by PDSA Charity Shop and analysis assumes the existing retail and basement accommodation remains in its current condition. Verify repair, compliance, EPC and lease obligations through the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £90,000 guide and no evidenced refurbishment allowance, the base cost is £90,000 before the unstated buyer premium, VAT and other possible charges. A 75% refinance against the £110,000 base GDV would be £82,500, leaving indicative cash tied in of £7,500 before finance, tax and transaction costs. Actual refinancing depends on lender valuation, lease term, tenant covenant and investment-property lending criteria.

Buy-to-Let Analysis

The property produces stated passing rent of £12,000 per annum, equivalent to £1,000 pcm, from a long-standing PDSA occupier. At the £90,000 guide, the gross yield is approximately 13.33%; on the base purchase-plus-works figure it is also 13.33%. This excludes the unstated buyer premium, any VAT and other sale costs. The lease expires on 04.03.2028, so renewal, re-letting and covenant/lease-term risk require consideration.

Flip Analysis

The base GDV is estimated at £110,000 from nearby freehold retail comparables. Against the £90,000 guide and no evidenced works, the apparent gross margin is £20,000 before buyer premium, VAT, selling costs, finance, tax and any lease-related or condition costs. A formal flip surplus is not stated because no selling-cost allowance or refurbishment budget is supplied.

Investor Risks & Due Diligence

• Lease expires on 04.03.2028, creating renewal, re-letting and potential void risk.

• Buyer premium amount is unstated and VAT may apply, so total acquisition cost is uncertain.

• No EPC, condition survey, repair obligations or compliance information is supplied.

• The investment is dependent on the continuing occupation and covenant of PDSA Charity Shop.

• Rear access is via an alleyway from Slate Street; title and rights of access should be verified.

• The calculated yield uses stated passing rent and excludes operating costs, taxes, finance and acquisition charges.

Recommendation

Prioritise as an income-led commercial investment rather than a refurbishment or flip. Confirm the lease, rent review provisions, repairing obligations, EPC, title, buyer premium, VAT position and tenant covenant before bidding.

Strategy Rating

Analysis Confidence

The passing rent, lease term, tenure, accommodation, guide price and several nearby completed sales are supplied. Confidence is reduced by the unstated buyer premium and VAT position, absent EPC and condition information, and lack of detailed lease and legal-pack terms.