Powell Lloyd 43/44/45 THE PARADE, CARDIFF CF23 3AB RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY
INVESTMENT SUMMARY // Rare freehold city centre sale 3 period properties situated in a desirable central location Available to purchase together or separately 43 and 45 well let to the NHS and VFC Charity Vendor has recently renovated 44 and 45 both internally and externally Potential for alternative uses (subject to obtaining necessary consents) Immediate asset management opportunities Offers in excess of 1,050,000 (one million and fifty thousand pounds) subject to contract and exclusive of VAT for our client s freehold interest. RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY CITY CENTRE INVESTMENT/FUTURE REDEVELOPMENT OPPORTUNITY 01
LOCATION // KEY 1. 2. 3. 4. 5. 6. Principality Stadium Capital Tower Brunel House Cardiff International Arena Capitol Shopping Centre St Davids Ii Shopping Centre The properties are situated on The Parade in an area comprising professional offices, educational uses and healthcare in the centre of Cardiff. The Parade links City Road and West Grove and runs parallel to Newport Road, the main arterial road leading from the centre of Cardiff to the A48(M) and M4 beyond. Queen Street train station is situated less than 5 minutes walk from the properties. 4 3 6 5 1 2 The properties are located in an excellent position providing the opportunity to be used for a variety of uses after expiration of the current leases. The area has recently seen an increase in conversions to both residential and student accommodation uses. Potential purchasers will need to make their own enquiries as to planning for alternative uses. 43 / 44 / 45 The Parade RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY 02
West Grove N DESCRIPTION // The sale comprises three period buildings that can be purchased together or separately. 43 The Parade comprises a detached period building and 44 and 45 are a pair of semi-detached buildings all providing office accommodation over ground, first and second floors. The Parade Cardiff Tertiary College 45 All the buildings are of traditional construction with stonework/ brickwork walls beneath pitched tiled roofs. Windows are single glazed timber framed sash units. Each property has its own basement generally used for storage. 44 The Parade has recently undergone substantial renovation works and prior to securing the tenant there were full renovation works undertaken to 45 The Parade. The renovations internally included re-plastering and painting, new floor coverings and lighting. Externally, No. 44 and 45 have had new roofs. East Grove 44 43 PLAN IS FOR ILLUSTRATION PURPOSES ONLY Newport Road RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY 03
The overall site comprises 0.36 acres. Access to the rear of the properties is provided by a rear lane accessed via East Grove. There is on street parking to the front of the buildings subject to Council parking meters. The specification generally comprises carpeted or vinyl floor coverings, plastered and painted or textured painted walls and plastered and painted ceilings. Lighting is provided by way of surface mounted or inset spot lights and there is perimeter trunking to some of the accommodation. Each building provides kitchenettes and staff WCs. The Parade is situated within the boundary of Tredegarville Conservation Area and we understand the properties are not listed. RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY 04
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TENURE & ACCOMMODATION All three buildings are held Freehold Accommodation 43 The Parade 44 The Parade 45 The Parade Basement Ground 81.52 878 80.13 863 70.99 764 First 78.71 847 80.94 871 72.67 782 Second 56.35 607 106.71 1,149 44.62 480 Total 216.58 2,332 267.78 2,883 188.28 2,026 Car Parking 8 spaces 10 spaces 6 spaces NB. Powell Lloyd has not measured the properties and has provided the VOA measurements. RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY 06
TENANCY Property Tenant Size (sq ft) Rent (pa) Rent (psf) Lease Start Lease End Breaks Comments 43 The Parade Abertawe Bro Morgannwg University NHS Trust 2,332 28,000 12.00 03/04/2009 02/04/2019 N/A Schedule of Condition annexed to lease 44 The Parade Vacant 2,883 Interest from 2 potential occupiers for the whole 45 The Parade Voices From Care 2,026 24,120* 11.91 24/06/2015 23/06/2027 24 June 2019/2022/2024 Rent reviews on 24th June 2020 and 2025 * Stepped rent increase 24 June 2017 - vendor to top up RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY 07
COVENANT INFORMATION The Health Board acts as the service provider for Wales and the South West of England in respect of Burns and Plastic Surgery. In addition, Forensic Mental Health services are provided to a wider community which extends across the whole of South Wales, while Learning Disability services are provided from Swansea to Cardiff. A range of community based services are also delivered in patients homes, via community hospitals, health centres and clinics. 43 The Parade provides office accommodation for staff dealing with patients with learning disabilities. The premises are not used for outpatients. Voices From Care is a charity established in 1990 to help young people who are or have been looked after in Wales. The aim of VFC is to advance the emotional, educational and physical welfare of young people in Wales who are or have been looked after. The charity register number is 1108430. RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY 08
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FURTHER INFORMATION // RATEABLE VALUE The properties are entered into the current rating list described as Offices & Premises with rateable values as outlined below. Prospective purchasers are advised to make their own enquiries to establish the current rates payable. The current rates are: 43 The Parade 44 The Parade 45 The Parade 22,750 31,250 30,500 EPCs Energy performance certificates available upon request. PLANNING Prospective purchasers are advised to make their own enquiries of the Local Planning Authority. We understand the current use of all the buildings falls within B1 of the Use Classes Order (1987). VAT We understand the property is elected for VAT. We envisage that the sale can be treated as a transfer of a going concern (TOGC). PROPOSAL We are instructed to seek offers in excess of 1,050,000 (one million and fifty thousand pounds) subject to contract and exclusive of VAT for our client s freehold interest. Each property can be purchased separately at the following prices: 43 The Parade 44 The Parade 45 The Parade 350,000 400,000 300,000 RARE CITY CENTRE INVESTMENT / RE-DEVELOPMENT OPPORTUNITY 10
For further information or to arrange an inspection, please do noy hesitate to contact: Powell Lloyd Sophia House, 28 Cathedral Road, Cardiff CF11 9LJ www.powell-lloyd.co.uk James Sanders +44 (0)2920 66 01 66 +44 (0)7967 203 595 jps@powell-lloyd.co.uk Daniel Evans +44 (0)2920 66 01 66 +44 (0)7855 245 527 dle@powell-lloyd.co.uk Misrepresentation Clause Powell Lloyd Ltd acting for themselves and for the vendors or lessors of this property whose sole agents they are give notice that: (i) The particulars are set out as a general outline for the guidance of the purchasers and do not constitute part of an offer or contract; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) No person in the employment of Powell Lloyd Ltd has any authority to make or give any representation or warranty whatever in relation to this property. (iv) All rentals and prices are quoted exclusive of VAT. (v) All plans and maps provided with the particulars are for identification purposes only.