For Sale 1-3 Raleigh Walk, Waterfront 2000, Cardiff CF10 4LN. Office Investment Opportunity

Transcription

1 For Sale 1-3 Raleigh Walk, Waterfront 2000, Cardiff CF10 4LN Office Investment Opportunity

2 1-3 Raleigh Walk, Cardiff, CF10 4LN 02 Investment Summary Comprises three modern 3-storey interlinked office buildings. Occupied by four tenants with two suites remaining. Established office location within a short walking distance of city centre and central train station and benefitting from generous parking facilities. 5,940 sq ft (551.8 sq m). Lease renewal for one occupier is currently in solicitors hands. Long leasehold sale with approx. 974 years unexpired. Rental income of 39,496 rising to 50,679 in 2017 with approx 22% vacancy. Guide price of 425,000 reflecting net initial yield of 8.95% rising to 11.49% in 2017

3 1-3 Raleigh Walk, Cardiff, CF10 4LN 03 Location, Situation & Description Location Cardiff is the capital city of Wales and is one of UK s leading commercial and retail centres. It is located 40 miles east of Swansea, 11 miles south west of Newport and 45 miles west of Bristol. There are excellent transport links, the city being served by Junctions of the M4 motorway, while Cardiff Central Station provides a direct link to Paddington in just over 2 hours. Situation Raleigh Walk is situated within Waterfront 2000 on Atlantic Wharf, which is within approximately 100 yards of the central link road (A4234) and within a short walking distance of Central Station and St Davids II Shopping Centre. A Novotel and Ibis Hotel are already on the Park and further development is expected on Capital Quarter on the opposite side of Tyndall Street. Description Raleigh Walk is a purpose built 3 storey office complex situated at the entrance of Waterfront 2000 on Atlantic Wharf. The scheme was developed in the early 1990 s and comprises three terraced units set in pleasant landscaped areas including the dock feeder canal. The suites are open plan and benefit from raised floors, suspended ceilings incorporating recessed lighting, gas fired central heating and communal ladies and gents WC facilities.

4 1-3 Raleigh Walk, Cardiff, CF10 4LN 04 Accommodation and Tenancy Schedule Unit Tenant Start Expiry Rent Reviews Unit 1, 2 & 3 Penguin Wealth 02/10/ /10/ /10/2014, (ground floor) LLP 02/10/2018 Break Dates 02/10/ /04/2021 Area (sq ft) Rent pa. Rent ( per sq ft) Comments 2,010 11, Stepped Rent : 20,500 from 02/10/2014 ( per sq ft) Unit 1 Unit 1 & 2 (2nd floor) Unit 2 Unit 3 Unit 3 (2nd floor) VACANT Can be connected with Unit 2 Capita Business Services Ltd 21/05/ /05/ /05/2015 1,310 15, Break is subject to 3 months notice VACANT Can be connected with Unit 1 Kennson Ltd 06/12/ /12/ /12/ /12/ , Stepped Rent : 5,404 from 05/12/2014 ( 8.25 per sq ft) Menshen Packaging UK Limited 16/05/ /05/ /05/ , Holding over under existing lease at 8,850pa. Lease renewal in solicitors hands with stepped rent at: 8,850 - from 16/05/2017 Total Area 5,940 * assumes no break options have been exercised and leases have been renewed in 2015 and 2016 Initial Rent 39, Rent from 05/12/ , * Rent from 16/05/ , * Rent from 02/10/ , * Rent from 16/05/ , * Rent from 16/05/ , *

5 1-3 Raleigh Walk, Cardiff, CF10 4LN 05 Tenure, Covenant and Proposal Rateable Values (2010) On The Vacant Suites Unit 1, First Floor 10,250 incl. 2 car spaces ( per sq ft) Unit 2, First Floor 10,250 incl 2 car spaces ( per sq ft) Tenure The Property is held under two long leasehold interests for a term of 999 years from the 1st January 1989 at a peppercorn rent subject to payment of the service charge. The service charge is approx. 5,250 per annum which we understand is fully recharged to the tenants and further details are available upon request. The Leases define Unit 1 and Units 2&3. Car Parking There are 22 spaces representing a parking ratio of 1:270 sq ft. VAT The property is VAT elected; however, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) Credit Safe Ratings Penguin Wealth LLP Credit Safe Rating of 65 - good credit worthiness International Score Rating - B - low risk Accounts filed for 31/12/2012 show a net worth of 47,713 Kennson Ltd Credit Safe Rating of 79 - very good credit worthiness International Score Rating - A - very low risk Accounts filed for 31/12/2012 show a net worth of 703,191 Capita Business Services Ltd Credit Safe Rating of 98 - very good credit worthiness International Score Rating - A - very low risk Accounts filed for 31/12/2012 show a net worth of 288,444,000 Menshen Packaging UK Ltd Credit Safe Rating of 94 - very good credit worthiness International Score Rating - A - very low risk Accounts filed for 31/12/2013 show a net worth of 240,477 Proposal Offers are invited in the region of 425,000 (four hundred and twenty five thousand pounds) subject to contract and exclusive of VAT, reflecting a net initial yield of 8.95%, rising to 11.49% in 2017 (assuming the vacant suites remain unoccupied), and after allowing for normal purchasers costs at 3.8%. This represents a low capital value of per sq ft.

6 1-3 Raleigh Walk, Cardiff, CF10 4LN 06 Viewing and Contact Information EPC Rating Floor Plans Viewing Arrangements Strictly by prior arrangement with the sole agents Alder King LLP. Alder King Property Consultants 18 Park Place Cardiff CF10 3DQ Owen Young SUBJECT TO CONTRACT OY/71667/July 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.