For Sale. Castle Buildings, Womanby Street, Cardiff CF10 1BR. Office Investment Opportunity

Transcription

1 For Sale Castle Buildings, Womanby Street, Cardiff CF10 1BR Office Investment Opportunity

2 Castle Buildings, Womanby Street, Cardiff CF10 1BR 02 Investment Summary Cardiff is Wales s capital city and the major office and retail hub in the Principality. Situated at the heart of Cardiff City Centre. Former Georgian Mill Buildings converted to provide office accommodation. Extending to 15,006 sq ft (1,394.1 sq m) over five floors with ten secure car parking spaces at basement level. Freehold. Single let to the strong covenant of Lyons Davidson Ltd for a further 10 years. Passing rent of 216,740 per annum. Offers sought in excess of 2.25 million reflecting a net initial yield of 9.10%.

3 Castle Buildings, Womanby Street, Cardiff CF10 1BR 03 Location and Situation Location Cardiff is the capital city and administrative centre for Wales and the home of the Welsh Assembly Government. It is also the principal commercial centre for the South Wales region. The city has an estimated population of 346,000 with the catchment population closer to 1,100,000, equating to nearly one third of the Welsh population. Cardiff is home to four major institutions of higher education: Cardiff University, Cardiff Metropolitan University, University of Glamorgan and the Royal Welsh College of Music & Drama. The total number of higher education students in the city is estimated at around 66,000, equivalent to approximately 20% of the city s total population. Cardiff has a wide employment base reflecting its status as the capital city of Wales and a major regional centre. The city has a large concentration of national government organisations but also benefits from a strong employment base from the private sector, with finance and utilities firms also providing significant employment in the city. Major occupiers include Admiral, Legal & General, Zurich, ING and Eversheds as well as a thriving SME base. Situation Castle Buildings are situated on the eastern side of Womanby Street, at the heart of Cardiff City Centre. Womanby Street is pedestrianized and situated within the Castle Quarter, a mixed use area of the city primarily with retail, leisure and office occupiers. Castle Buildings is located close to Cardiff Castle to the north, and the Millennium Stadium to the west. Cardiff Central Train Station and bus terminal are less than 5 minutes walk away to the south. Castle Buildings is also within a short walk of the city centres other amenities and attractions including the retail area around Queen Street and the extended St Davids Shopping Centre. In addition, the Castle Quarter with its Victorian Arcades provides a wide variety of retail and leisure outlets. The Property sits within the core of the central business district with nearby occupiers including Cardiff County Council, Hugh James Solicitors, Zurich and the Western Mail. Cardiff is a dominant retail centre. The recently extended St David s Shopping Centre now comprises over 1 million sq ft of retail space including a 280,000 sq ft John Lewis store and an extensive food court offer. This has elevated Cardiff into the top 5 of the UK s retail hierarchy and it is anticipated it will attract several million additional visitors to the city annually.

4 Castle Buildings, Womanby Street, Cardiff CF10 1BR 04 Description and Accommodation Description The property comprises former Georgian mill buildings of traditional construction with brick elevations which have been converted to provide office accommodation. We understand the Property was formerly three buildings which have been merged to one with varying floor levels throughout. Predominantly the Property is a four storey city centre office building with basement comprising the following features: Suspended ceilings Perimeter trunking Gas fired central heating Mixture of cellular and open plan office space The Property benefits from 10 secure car parking spaces at basement level with access from Womanby Street. Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6 th Edition) and provides the following approximate net internal floor areas: Use Area (sq ft) Area (sq m) 1S N 1, R (N) & 3R (S) 1, S N 1, R 1, S 1, N 1, S 1, R 1, N 1, Total 15,006 1, *Red Line plan above is for indicative purposes only.

5 Castle Buildings, Womanby Street, Cardiff CF10 1BR 05 Tenancy and Covenant Information Tenure Freehold. VAT The property is VAT elected, however it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). Tenancy The entire premises are let to Lyons Davidson Ltd on two separate FRI leases subject to a Schedule of Condition. The first lease is from 31 March 2011 and expires in October 2024 at a rent of 104,000 per annum. The second lease commenced on the 1 January 2013 and expires coterminus at a rent of 112,740 per annum. The combined rent equates to 217,640 per annum which equates to per sq ft ( per sq m). Energy Rating The building has an EPC rating of E (105). A copy of the certificate is available upon request. Covenant Information Lyons Davidson Group is a centrally funded associated group comprising Lyons Davidson Limited and The Injury Care Clinics Limited. The group employs approximately 1,750 staff and provides a range of legal and healthcare services. The legal division has significant joint venture/strategic arrangements with a number of leading insurers. Further financial information is available on request.

6 Castle Buildings, Womanby Street, Cardiff CF10 1BR 06 Contact and Viewing Arrangements Proposal Offers are sought in excess of 2,250,000 (Two Million Two Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 9.1% assuming normal purchaser s costs at 5.8%. Viewing Arrangements For further information or to arrange an inspection please contact the sole agents. Alder King Property Consultants Pembroke House 15 Pembroke Road Clifton Bristol BS8 3BA Oli Stretton ostretton@alderking.com 18 Park Place Cardiff CF10 3DQ James Nicholas jnicholas@alderking.com Lucy Round lround@alderking.com SUBJECT TO CONTRACT & EXCLUSIVE OF VAT OJS/LR/October2014/ Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues.