For Sale Buildings, , CF10 1BR

Office Investment Opportunity Castle Buildings, Womanby Street, Cardiff CF10 1BR 02

Investment Summary

 Cardiff is ’s capital city and the major office and retail hub in the Principality.

 Situated at the heart of .

 Former Georgian Mill Buildings converted to provide office accommodation.

 Extending to 15,006 sq ft (1,394.1 sq m) over five floors with ten secure car parking spaces at basement level.

 Freehold.

 Single let to the strong covenant of Lyons Davidson Ltd for a further 10 years.

 Passing rent of £216,740 per annum.

 Offers sought in excess of £2.25

million reflecting a net initial yield of 9.10%. Castle Buildings, Womanby Street, Cardiff CF10 1BR 03

Location and Situation

Location Situation Cardiff is the capital city and administrative centre for Castle Buildings are situated on the eastern side of Womanby Street, at Wales and the home of the Welsh Assembly the heart of Cardiff City Centre. Womanby Street is pedestrianized Government. It is also the principal commercial centre for and situated within the ‘’, a mixed use area of the city the South Wales region. The city has an estimated primarily with retail, leisure and office occupiers. Castle Buildings is population of 346,000 with the catchment population located close to to the north, and the Millennium closer to 1,100,000, equating to nearly one third of the Stadium to the west. Welsh population. Cardiff Central Train Station and bus terminal are less than 5 minutes’ Cardiff is home to four major institutions of higher walk away to the south. Castle Buildings is also within a short walk of education: , Cardiff Metropolitan the city centres other amenities and attractions including the retail University, University of and the Royal Welsh area around Queen Street and the extended St Davids Shopping College of Music & Drama. The total number of higher Centre. In addition, the ‘Castle Quarter’ with its Victorian Arcades education students in the city is estimated at around provides a wide variety of retail and leisure outlets. 66,000, equivalent to approximately 20% of the city’s total population. The Property sits within the core of the central business district with nearby occupiers including Cardiff County Council, Hugh Cardiff has a wide employment base reflecting its status James Solicitors, Zurich and the Western Mail. as the capital city of Wales and a major regional centre. The city has a large concentration of national government organisations but also benefits from a strong employment base from the private sector, with finance and utilities firms also providing significant employment in the city. Major occupiers include Admiral, Legal & General, Zurich, ING and Eversheds as well as a thriving SME base.

Cardiff is a dominant retail centre. The recently extended St David’s Shopping Centre now comprises over 1 million sq ft of retail space including a 280,000 sq ft John Lewis store and an extensive food court offer. This has elevated Cardiff into the top 5 of the UK’s retail hierarchy and it is anticipated it will attract several million additional visitors to the city annually.

Castle Buildings, Womanby Street, Cardiff CF10 1BR 04

Description and Accommodation

Description Accommodation The property comprises former Georgian mill buildings of The property has been measured in traditional construction with brick elevations which have accordance with the RICS Code of Measuring been converted to provide office accommodation. Practice (6th Edition) and provides the following approximate net internal floor areas: We understand the Property was formerly three buildings Use Area (sq ft) Area (sq m) which have been merged to one with varying floor 1S 447 41.50 levels throughout. 2N 1,533 142.40

Predominantly the Property is a four storey city centre 3R (N) & 3R (S) 1,235 114.69 office building with basement comprising the following 3S 993 92.25 features: 4N 1,795 166.80

5R 1,228 114.12  Suspended ceilings 5S 1,561 144.98  Perimeter trunking 6N 1,706 158.50  Gas fired central heating  Mixture of cellular and open plan office space 7S 1,595 148.23

7R 1,202 111.68 The Property benefits from 10 secure car parking spaces 8N 1,711 158.99 at basement level with access from Womanby Street. Total 15,006 1,394.13

*Red Line plan above is for indicative purposes only. Castle Buildings, Womanby Street, Cardiff CF10 1BR 05

Tenancy and Covenant Information

Tenure Energy Rating Freehold. The building has an EPC rating of E (105). A copy of the certificate is available upon request. VAT

The property is VAT elected, however it is anticipated that Covenant Information the sale will be treated as a Transfer of a Going Concern (TOGC). Lyons Davidson Group is a centrally funded associated group comprising Lyons Davidson Limited and The Injury Tenancy Care Clinics Limited. The entire premises are let to Lyons Davidson Ltd on two

separate FRI leases subject to a Schedule of Condition. The group employs approximately 1,750 staff and

The first lease is from 31 March 2011 and expires in October provides a range of legal and healthcare services. 2024 at a rent of £104,000 per annum. The second lease commenced on the 1 January 2013 and expires co- The legal division has significant joint venture/strategic terminus at a rent of £112,740 per annum. arrangements with a number of leading insurers. The combined rent equates to £217,640 per annum which equates to £14.50 per sq ft (£156.1 per sq m). Further financial information is available on request.

Castle Buildings, Womanby Street, Cardiff CF10 1BR 06

Contact and Viewing Arrangements

Proposal Offers are sought in excess of £2,250,000 (Two Million Two Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 9.1% assuming normal purchaser’s costs at 5.8%.

Viewing Arrangements For further information or to arrange an inspection please contact the sole agents.

Alder King Property Consultants Pembroke House 18 Park Place 15 Pembroke Road Cardiff Clifton CF10 3DQ Bristol BS8 3BA

Oli Stretton James Nicholas 0117 317 1121 02920 220 000 [email protected] [email protected]

Lucy Round 0117 317 1108 [email protected]

SUBJECT TO CONTRACT & EXCLUSIVE OF VAT OJS/LR/October2014/78524 www.alderking.com

Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues.