Rates Payable Upon Enquiry

Service Charge n/a

Estate Charge n/a

Description

The property comprises a 2 storey traditional period building, extended over time to provide a series of classrooms, offices, canteen and leisure facilities.

The site extends to 0.69 acres overlooking Swansea Bay. Externally the property provides a standalone demountable teaching facility along with play areas and astro turf sports ground.

Direct vehicular access is provided from Penlan Crescent with a small parking area, together with pedestrian access to Glanmor Road.

Covenant

The property is entirely let to Cognita Schools Ltd, who operate over 100 schools across 17 countries worldwide

Cognita are majority owned by Jacobs Holding AG, a global investment firm based in Switzerland

For the FY23 the business posted a turnover in excess of £179m with pre-tax profits of £3.897m

Creditsafe risk score 100 A

Tenure

Freehold sale subject to an occupational tenancy for a term of 25 years from June 2027 to Cognita Schools Ltd at a passing rent of £42,457 per annum, based on FRI terms

Lease is subject to an RPI linked rent review in June 2027 (5 yearly compounded at 2% collar and 5% cap)

Proposal

Freehold interest for sale - offer in excess of £575,000

A purchase at this level would provide a Net Initial Yield (NIY) of 7.04% accounting for the usual purchasers costs