Investment of two buildings in the centre of Llanelli's main retail area comprising a three storey corner building and a smaller two storey unit facing Vaughan street. Current net rents totalling circa £23,000pa, representing an initial yield of 17%.
24/26 Stepney Street is a three storey building plus basement currently let to Ty Hafan, for £20,000pa who have been in occupation since Feb 2012. The tenant is utilising the ground floor and basement areas only and there may be some scope for some further use of the upper floors, subject to any necessary consents.
The corner building briefly comprises a ground floor main retail area, rear offices and stores plus a staff WC. There is also access via the shop floor to the extensive basement comprising 2 main storage areas, 4 X stores, a utility cupboard plus a further fire escape stairs. Upstairs is accessed via a wide stairwell as this was previously used as a further retail area and there are still changing rooms and stores to this floor. On the second floor there is the main former office which is a large well-lit room with views over the surrounding area, further stores, a kitchen area, and 2 x WC's. There is a rear fire escape stairwell also connecting all floors and a former lift shaft.
2 Vaughan Street is let to Seren Nails. The rent is currently £7000 per annum and the lease expires on 13th June 2026, however the the tenant is no longer in occupation having moved the business locally. The building has not been internally examined at time of advertising but appears to be a two storey period building facing Vaughan street with a main retail area to the ground floor and stores/offices to the first floor.
We are informed therefore that the total rent receivable is £27,000 per annum, however we understand that the head lease
provides that the superior landlord receives 15% of the annual sum received, resulting in a current net income of circa £23,000 as listed above. However, please examine the legal pack once available for details of all tenancies and confirmation of tenure and income.
24-26 Stepney Street.
LGF - 2 main rooms, 4 x stores, utility cupboard
GF - Main retail area, rear stores, office.
FF - Lobby, 2 x retail areas, changing room, rear lobby
SF - Lobby, Office, 2 x stores, kitchen, utility, 2 x WC.
Informed Leasehold – please refer to legal pack for verification of tenure
Viewing by appointment with Seel Auctions – www.seelauctions.co.uk
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Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.
Auctioneers Office, Seel Auctions (029) 2037 0117
FOR SALE BY PUBLIC AUCTION on Tuesday, 24 March 2026 online via the Seel Auctions website. Bidding will commence from midday on Monday, 23 March and conclude in order from Lot 1 at 4:00 pm on Tuesday, 24 March 2026
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