Property Information
Address:
Castle Buildings, Womanby Street, CF10 1BR
, CF10 1BR
Price: Property no longer available.
Size: 15006 sq ft1394 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH589641
Property Ref/Agent: Castle Buildings, Womanby Street, CF10 1BR - 100010955
*Please use the agent ref when calling the agent directly.
Property description
Located in the heart of Cardiff city centre, close to the shopping facilities, bus stops and Cardiff Central railway station.
The office comprises 15,006 sq ft (1,394 sq m) of flexible net lettable office space over four floors.
The property is single-let to Lyons Davidson Ltd on two co-terminous FRI leases both subject to a Schedule of Condition, but the tenant has invested heavily in refurbishment of the building over the last 2 years. Each lease will also benefit from a guarantee from The Injury Care Clinics Limited (TICCS).
The annual passing rent is £216,740 per annum which equates to an average rent of £14.44 psf (£155.43 per sq m).
There are 9.35 years to lease expiry providing a long unexpired lease term secured to a strong covenant.
There are 10 car parking spaces providing an excellent city centre office car parking ratio of 1:1500 sq ft (1:139 sq m).
Freehold.
Various asset management opportunities exist including exploring the buildings future re-development potential to residential / alternative use in the medium to long term (subject to obtaining the necessary planning consents).
Our client is seeking offers in excess of £2,628,000 (Two Million Six Hundred and Twenty Eight Thousand) subject to contract and exclusive of VAT which reflects a net initial yield of 7.75%. This price reflects a low capital value of £175 psf, assuming purchaser's costs of 6.40%.
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