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Golate Street Cardiff CF10 1DX Asking Price £375,000 Net Initial Yield 8.53% 2,440 sq ft (226 sq m) INVESTMENT FOR SALE
Golate Street
Cardiff
CF10 1DX
Asking Price £375,000
Net Initial Yield 8.53%
2,440 sq ft (226 sq m)
INVESTMENT FOR SALE
Golate Street, Cardiff CF10 1DX Retail/A2 Investment For Sale
TENURE Long leasehold interest for a term of 998 years from 2007 (TBC) RENTAL Current rental payable is £33,250pa (£13.62/sqft overall). VAT VAT will be payable on the purchase price. LEASE The Tenant, Remploy Limited, occupy under a new 5 year lease from 31st January 2017. The Tenant has break options in 30th January 2018 (not operated) and 30th January 2019, subject to 6 months notice. THE TENANT In April 2015, 70 years after it was formed, Remploy left Government ownership. It was then established as a mutual joint venture between MAXIMUS and the employees of the business (30%). Remploy provides employment placement services for disabled people. Year end accounts for 30/09/2016 Turnover £45,852,000 Pretax profit £1,208,000 Net worth £1,777,00 Creditsafe Rating 87 defined as very low risk
INVESTMENT CONSIDERATIONS
• Busy Office, Retail and A3 location in Cardiff City Centre with numerous bars, restaurants and hotels in the vicinity.
• Alternative use potential.
• Asset management opportunities to regear lease.
• Attractive pricing and investment yield return. LOCATION The subject property is located on the Golate which provides a busy link between St Mary Street and Westgate Street in Cardiff City Centre. This is a popular location for a wide range of A3 and retail/office occupiers. The property adjoins the Prezzo Restaurant and the Queens Vaults Public House. Other occupiers in the vicinity include House of Fraser Department Store, Cardiff Indoor Market, McDonalds, Tesco, Sainsbury and Brew Dog Restaurant/Bar. Cardiff Central Railway Station is a short walk away to the south, the Principality Stadium to the west and St Davids Shopping Centre to the east. DESCRIPTION The subject property comprises a self contained ground floor unit which is in use as the Cardiff offices of Remploy. The unit can be utilised for retail use and potentially A3 food and drink use (subject to planning). The premises were part of a refurbishment/redevelopment of the old Elgin House in 2006 with a new residential scheme constructed to the floors above. Specification detail includes:
• Air conditioning
• Suspended ceilings throughout
• Fully glazed showroom frontage
• Male, female, and disabled toilets
• Offices split into 5 offices / meeting rooms ACCOMMODATION The accommodation comprises: m2 ft2 Ground floor 226 2,440 ENERGY PERFORMANCE CERTIFICATE On application.
PROPOSAL We have been instructed to seek offers in the region of £375,000 (Three Hundred and Seventy Five Thousand Pounds) plus VAT. An acquisition at this price would equate to a net initial yield of 8.53% assuming purchasers costs of 3.88%. …………………………………………….………………………………………….…………………………………
VIEWINGS AND ENQUIRIES David Mullins / Matthew Jones Fletcher Morgan – 029 2037 8921 [email protected] [email protected] Fletcher Morgan (and its subsidiaries and their joint agents where applicable) for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Fletcher Morgan cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) no employee of Fletcher Morgan (and its subsidiaries and their joint agents where applicable) has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property ; (iv) rents quoted in these particulars may be subject to VAT in addition; (v) Fletcher Morgan (and its subsidiaries where applicable) will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and (vi) the reference to any plant, machinery, equipment, services, fixtures or fittings at any property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such for their requirements.
