High Yielding Office Investment 2 Alexandra Gate, Ffordd Pengam, Rover Way, Cardiff CF24 2SA On behalf of: Heron s Park Investment Ltd In Administrative Receivership gva.co.uk/6785
Investment Summary Cardiff is located approximately 43 miles west of Bristol, 42 miles east of Swansea and 151 miles west of London. Cardiff serves as an extensive catchment area, bordered by Bridgend to the west, Newport to the east stretching beyond Merthyr Tydfil to the north. The property is situated within the pre dominantly residential district of Pengam Green, approximately 3 miles to the south east of the city centre. Ffordd Pengam links directly to the A4232, offering direct access to Junction 29 of the M4 via the A48. The property comprises a modern de tached 3 storey office building with brick elevations under a pitched tiled roof which was constructed in the early 1990 s. The accommodation is on Ground - 2nd floor and totals 2,041.3 sq m (21,972 sq ft), and is currently arranged as a cellular serviced office operation, providing a range of different sized offices, meeting rooms and break-out areas. The entire property is currently run as a serviced office centre based on short term occupational licences. The property is approximately 85% occupied (assuming the information we have been provided) In 2012 the centre produced a gross income of 612,375 per annum, and a net income of 173,748 per annum. The 2013 income projections are for a gross income of 625,566 per annum, and a net income of 222,519 per annum. Offers sought in excess of 1,300,000 (One Million Three Hundred Thousand Pounds), which reflects a Net Initial Yield of 12.63%, and a potential yield of 16.2% based on the 2013 income projections. A purchase at this level reflects a very low capital value of just 59 per sq ft. Freehold
Location Cardiff is located approximately 43 miles west of Bristol, 42 miles east of Swansea and 151 miles west of London. Cardiff serves as an extensive catchment area, bordered by Bridgend to the west, Newport to the east stretching beyond Merthyr Tydfil to the north. Cardiff is a significant tourist centre being the most popular visitor destination within Wales. The city benefits from excellent road communication links and lies 4 miles south of the M4 motorway providing direct access to London to the east, South Wales to the west and the Midlands to the north. The City is well served by a national rail network and direct and frequent services from London Paddington with the fastest journey time approximately 2 hours; in addition there are local rail services which provide access to the Valleys, Swansea and North Wales. Cardiff International Airport provides regular scheduled flights to a wide variety of European destinations. The airport has seen significant growth with an estimated 1.9 million business and leisure passengers annually. Cardiff has a wide employment base reflecting its status as a capital city of Wales and a major regional centre. The city has a large concentration of large national government organisations but also benefits from a strong employment base from the private sector, the finance and utility firms also providing significant employment in the city. With major occupiers including Admiral, Legal & General, Zurich, ING, Eversheds as well a thriving SME base.
Situation The property is situated in a prominent position within the residential district of Pengam Green, approximately 3 miles to the south east of the city centre. Ffordd Pengam links directly to the A4232, offering direct access to Junction 29 of the M4 via the A48. There is very limited office availability in the immediate vicinity and adjoining occupiers include Fitness First, Baby Bond, Victim Support, Wales & West Housing and CMB.
Description The property comprises a modern detached 3 storey office building with brick elevations under a pitched tiled roof which was constructed in the early 1990 s. The accommodation benefits from the following: Suspended ceilings Category II lighting Raised floors Comfort cooling Excellent car parking ratio The building is developed around a central courtyard and provides light and efficient office accommodation. The building is currently used as a serviced office centre and provides a range of office suites of numerous variety and sizes including meeting room facilities and a canteen.
Accommodation The accommodation is arranged over two floors and provides the following net internal floor areas: SQ M SQ FT Ground Floor 1014.8 10,923 First Floor 942.9 10,149 Second Floor 83.6 900 Total 2,014.3 21,972 The accommodation is arranged as a serviced office operation so cellular throughout, providing a range of different sized offices, meeting rooms and break-out areas. The building occupies a rectangular site, and benefits from over 81 car parking spaces, providing an excellent ratio of 1:271 sq ft. Tenure The property is held freehold. Tenancy Details The entire property is currently run as a serviced office centre based on short term occupational licences, and is approximately 85% occupied. In 2012 the centre produced a gross income of 612,375 per annum, and a net income of 173,748 per annum. The 2013 income projections are for a gross income of 625,566 per annum, and a net income of 222,519 per annum. More detailed information is available upon request.
Energy Performance Certificate EPC s are available in request. Proposal We are instructed to seek offers in excess of 1,300,000 (One Million Three Hundred Thousand), which reflects a very attractive net initial yield of 12.63%, and a yield of 16.2% based on the 2013 projections, after purchasers costs at 5.8%, and a purchase at this level will reflect a very low capital value of 59 Per sq ft Contact For further information or to arrange an inspection please contact: Richard Howell - 0117 988 5210 richard.howell@gva.co.uk GVA St Catherine s Court Berkeley Place Bristol BS8 1BQ Or for more any other investment sales please visit: gva.co.uk/investment
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