Property Information
Address:
Windsor Court, 109-119 Queen Street , Cardiff
, CF10 2BH
Price: Property no longer available.
Size: 1466 to 2647 sqm
Primary Category: Shop
All Categories:
Office, Shop,
Property Ref/Movehut: MH441808
Property Ref/Agent: Windsor Court, 109-119 Queen Street, Cardiff, CF10 2BH
*Please use the agent ref when calling the agent directly.
Property description
Cardiff is ranked the 6th largest retail centre in the UK.
Modern building providing well configured floor space totalling 15,782 sq ft of retail and 28,500 sq ft of offices plus 17 parking spaces.
Mixed retail and office investment situated in a prime location.
There are clear signs that retailing on Queen Street has improved since the recession.
Office rents in Cardiff have excellent prospects for rental growth.
85% of the current income is secured to national multiple retailers and Barclays Bank Ltd.
Of the current passing rent, 70% relates to the retail and 30% to the offices. At our ERV, 58% relates to the retail and 42% to the offices.
The Weighted Average Unexpired Lease Term is 4.58 years to expiry and 3.90 years to breaks.
Seeking offers in the region of ?13,800,000 reflecting a net initial yield of 8.35% after purchaser's costs of 5.80%
LOCATION
Cardiff is the capital city of Wales and is the dominant centre for local and devolved government, commerce and retailing in the region.
DESCRIPTION
The property was originally built in 1984 with a steel frame and stone and concrete elevations under a flat roof. The Queen Street frontage of the building was refurbished in 2010 which involved the removal of the original concrete canopy and the installation of a new glazed canopy. The retail units all have well configured, ground floor accommodation and first floors which are either used for additional sales, or as ancillary floor space. There are six shops fronting Queen Street and one fronting Windsor Place. The units benefit from rear servicing which is accessed from Park Place. The office accommodation has a ground floor entrance foyer on Windsor Place with stairs and two 8-person passenger lifts that lead to open-plan accommodation on the second, third and fourth floors. The space benefits from excellent natural light on three sides and a central light well. There are male and female WCs on each floor and the specification includes suspended ceilings with recessed lighting and carpeting throughout. Some of the accommodation also benefits from air-conditioning and raised floors. The ground floor reception and second floor common areas and office accommodation was refurbished by the landlord in 2010. The layout of the office floorplates provides excellent flexibility for the space to be sub-divided if required. There is a basement car park which provides 17 spaces providing an excellent ratio of 1:700 sq ft.
SITUATION
The subject property is located on the edge of the 100% prime retail pitch on Queen Street and close to the Capitol Shopping Centre. The building fronts Queen Street and has further elevations to Windsor Place and Park Lane. Nearby retailers include Next, Sainsburys, Tesco, Poundland, Fat Face, Pr????t a Manger and Starbucks. Windsor Place is a prime office location and is characterised by period office buildings largely accommodating professional occupiers. It also comprises a number of restaurants and bars.
TENURE
Freehold
VAT
The property is elected for VAT purposes. It is anticipated that a sale will be treated as a Transfer of a Going Concern.
PROPOSAL
We are instructed to seek offers in the region of ?13,800,000 (Thirteen Million, Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT which reflects a net initial yield of 8.35%, an equivalent yield of 6.72% and a reversionary yield (in March 2022) of 6.21%, after purchaser's costs of 5.80%. This assumes the outstanding lease renewal on Virgin Money is settled at ?52,500 pa producing a total current income of ?1,219,324 pa.
EPC
EPC's are available on request
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