A historic shopping arcade in Swansea has gone up for sale for almost £1 million. High Street Arcade, along the city's High Street, which has been part of its makeup as we know it since the 1950s, is being marketed by Harries Estate Agents.
The two units are currently broken down into 20 smaller retail, office and storage areas. None of the existing businesses will be impacted by the sale, the estate agents said, although it would offer the opportunity for development of the upper floors. Get Swansea stories straight to your inbox with our newsletter.
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The sale advertisement reads: "The building consists of two units, both three floors. Currently the property is divided into 20 smaller retail, office and storage areas, thus giving a current annual rental of around £91,000. With potential of £115,000 annually.
"The current tenants are of a mixed businesses which gives the ample scope to extend on this already winning formula. Currently this part of the city is undergoing some improvement works and the local authority has offered grants and funding for improvement work on the buildings and further grants to convert the upper floors to apartments. Both properties are offered with a new 125 year lease renewed at point of sale."
Simon Harries, of Harries Estate Agents told WalesOnline: "The owner is looking to keep it as it is ideally. The sale is inviting people to come in and take it over as a going concern. Nobody is looking to actually alter it. There's no point as Swansea is full of empty buildings as it is. If you wanted an empty building, it would be easier to find an empty one.
"The second floor, the top floor, is used for storage right now but it could be redeveloped for more shops. The first floor, also, has scope for further arcade work or offices, or possibly even apartments. But half of Swansea is apartments right now, what we need is more retail.
"There has been a little bit of interest expressed so far, but it is a very niche market, there's not going to be a lot of interest in this. The arcade has been around for many years. It was built in 1958, it was bombed during the war and flattened so it had to be rebuilt."
You can express your interest in High Street Arcade by visiting the Harries Estate Agents website by clicking here.
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