A UNIQUE 123,000 SQ FT CITY CENTRE MIXED-USE ESTATE THE CASTLE QUARTER ESTATE 02
QUEEN CARDIFF ST DAVID’S JOHN MORGAN CENTRAL CARDIFF CENTRAL PRINCIPALITY RIVER STREET CASTLE 2/THE HAYES LEWIS QUARTER SQUARE STATION STADIUM TAFF
CARDIFF IS THE CAPITAL AND LARGEST CITY IN WALES. IT IS THE COUNTRY’S CHIEF COMMERCIAL CENTRE AND BASE FOR MOST NATIONAL CULTURAL A UNIQUE 123,000 SQ FT AND SPORTING INSTITUTIONS. CITY CENTRE MIXED-USE ESTATE 03 THE CASTLE QUARTER ESTATE 04
INVESTMENT SUMMARY
A unique 123,000 sq ft mixed-use Estate
Three Grade II listed Edwardian / Victorian Arcades
113 units across the Estate
One of the top City Centre Locations in the UK
Significant asset management and development opportunities
Mixed-use Estate with a highly diverse tenant spread with 40% Leisure, 27% Retail, 13% Hair & Beauty, 9% Residential and 10% Office
Freehold (85% of gross income)/part leasehold(15% of gross income)
Asset held in a Jersey Property Unit Trust (JPUT)
Offers are invited in excess of £19,500,000 (Nineteen Million Five Hundred Thousand CARDIFF IS ONE OF THE UK’S FASTEST GROWING Pounds) which reflects a net initial yield of 7.5% with a residual capital sum of CITIES WITH A PREDICTED 42% POPULATION £450,000 applied to the development GROWTH RATE OVER THE NEXT 20 YEARS. at 10 High Street. The pricing assumes standard purchaser’s costs in Wales at 05 7.69%. Exceptionally low capital value of £158 per square foot. THE CASTLE QUARTER ESTATE 06
INVESTMENT RATIONALE
Located in a growth hotspot with projected population growth of over 42% in the next 20 years
Cardiff city centre is experiencing unprecedented investment and large scale development adjacent to the Estate
Diverse income profile with the largest tenant only accounting for 11% of the rent roll
Defensively positioned from an extensive mix of independent leisure and retail operators with strong local followings
Spanning 113 units with a wide range of unit sizes allowing the cultivation of small and medium sized operators and the ability to grow them throughout the Estate
Many of the tenants have been in TENANT LONGEVITY: occupation for 10+ years 58% OF THE TENANTS HAVE % OF INCOME BY SECTOR BEEN IN THE ESTATE FOR OVER 5 YEARS TOP 5 TENANTS BY GROSS INCOME Flexible lease terms and experiential leisure/retail environment well positioned to benefit from structural changes in the 10% 10% 10% 11% 11% 11% occupational market 5% 5% 5% 27% 27% 27% 13% 13% 13% 30% 30% 30% 4% 4% 4% 4% 4% 4% 47% 47% 47% 3% 3% 3% Significant rental discount to surrounding 9% 9% 9% retail locations with current Arcade rents at 73% 73% 73% c.£30-50 psf ZA, which is a discount to the 12% 12% 12% Morgan Quarter at £60 psf ZA and to 40% 40% 40% 11% 11% 11% St David’s 2 at £200 psf ZA
Hair & Beauty Hair & Beauty RetailRetail Retail Hair & Beauty 10+ Years10+ Years 10+ 2-4Years Years2-4 Years 2-4 Years VintageVintage Tea & TeaCoffeeVintage & Coffee Ltd Tea Ltd & CoffeeCastle LtdCastle Welsh Welsh CraftsCastle Crafts Ltd Welsh Ltd Crafts Ltd Highly affordable with low occupational/ LeisureLeisure LeisureOfficeOffice Office 5-9 Years5-9 Years 5-9 0-1Years Years0-1 Years 0-1 Years Pizza PizzaExpress Express LtdPizza Ltd Express Ltd LazarouLazarou Brothers BrothersLazarou Brothers service charge/rates costs and significant growth prospects 07 ResidentialResidentialResidential UnderUnder offer – offer RestaurantUnder – Restaurant offer – RestaurantRemainingRemaining incomeRemaining income income THE CASTLE QUARTER ESTATE 08
TENANCIES & INCOME ANALYSIS
The Castle Quarter ownership is let to 101 tenants (including under offer deals) producing a current gross income of £1,651,039 pa and a net income of £1,537,953 after deduction of headrent and shortfalls. More detailed information is set out in the tenancy schedule.
The average rental tone is £30-£50 per sq ft Zone A in the Arcades which reflects excellent value for the strength of the location and compares very favourably with the Morgan Quarter where the average rent is c. £60 Zone A.
The rental tone for the prominant entrance/High Street units is c. £65 Zone A.
Sector Total % of Total % of Rent Total Rent Area (sq ft) Total Area
Leisure £666,050 40.3% 35,317 28.6%
Retail £452,810 27.4% 30,118 24.4%
Hair & £221,670 13.4% 14,125 11.5% Beauty
Office £159,489 9.7% 19,314 15.7%
Residential £151,020 9.2% 24,420 19.8%
Total £1,651,039 100% 123,294 100%
It is our opinion that the rental value as of today’s date would lie in the region of £1,676,345 pa after deduction of the headrent and assumed residential shortfalls into perpetuity. 09 THE CASTLE QUARTER ESTATE 10
INVESTMENT TO DATE
£1m invested over four years transforming the Castle Quarter into a vibrant incubator for entrepreneurs across leisure, hair & beauty, retail and offices.
Works completed by the landlord and not put through the service charge.
Works include extensive Estate rebranding and redecoration, replacing shop frontages, rewiring Castle Arcade and roofing works.
Service Charge Cost Building Usage Budget per sqft 1/1/18-31/12/18
Leisure Retail Castle Arcade £152,600 £3.8 Office High Street/Duke Leisure Retail £114,900 £2.5 Street Arcade Office Office 1-7 Castle Street £24,870 £2.5 Retail Leisure 29-32 High Street Residential £7,900 £0.9 upper floors Castle Chambers Residential £4,900 £0.9 Residential £305,170
SERVICE CHARGE
Service charge period runs from 1st January 2018 to 31st December 2018.
Service charge budget for the year ending 31st December 2018 is £305,170 as detailed in the table.
Low landlord void costs due to nil vacant rates on Grade II listed units.
Low Arcade service charge costs at a c. 15% discount to the Morgan Quarter and c. 60% discount to St David’s 2. 11 THE CASTLE QUARTER ESTATE
CARDIFF CASTLE
TO BE LAZAROU
UND
ER OFFE
R
UNDER OFFE
UNDER OFFE R YARDS NINE
BE R TO DEVIL CRAFTY ARCADE
GALACTI QUEENS ATTI C C VIN TAGE TOYS
TINE TO LIBER BAR AURANT COCKTAIL ENTRANCE PROPSEDSCHEME STUDENT AT FL
PERFECTION BR
IDLEWEA UNDER OFFER – REST MAGIC & HT MAYHEM G R DEVELOPMENT NI BAR Y BY AIL FL AURANTTO BE BURGER COCKT O REST PH PRINCES & BOUV CE HONEST S PAUPER NEW STICHEYLORSS MOWGLINIST HAIR GIN & JUI TA INSP ARDIA BOTA YS LPS IRA WALL S TIONS GAME
CARDIFF INDOOR MARKET T
ALCHEMIS THE CASTLE QUARTER ESTATE 14
ASSET MANAGEMENT INITIATIVES
Capture significant reversion across the Estate given discount to surrounding retail.
Capture customer/tenant demand for leisure operators within the Castle Quarter (Council supportive by providing A3 consent).
Promote late night events such as the monthly pop up cinema and food festival.
Opportunity to extend opening hours throughout the week and target complimentary operators following implementation of late night openings on Thursday to Saturday.
Develop 8-10 High Street as student accommodation (planning consent granted on 13/04/17, reference: 17/00338/MNR). The building has planning consent to develop the existing vacant upper floors into student apartments containing 30 beds in order to address the severe shortage within the City Centre. An illustrative development appraisal is available on the data room. 15 THE CASTLE QUARTER ESTATE 16
ESTATE OVERVIEW
THE CASTLE QUARTER IS IN CLOSE PROXIMITY TO THE PRIME RETAILING CORE, HAVING FRONTAGES ONTO ST JOHN STREET, DUKE STREET, HIGH STREET AND CASTLE STREET.
The Castle Quarter comprise a dominant leisure/retail asset in the centre of Cardiff with frontages to three Arcades, of which two are held freehold arcade and one held long leasehold. Spread across 123,000 sq ft, the Estate stretches from St John Street in the north to Castle Street in the south.
The leisure element includes tenants such as Pizza Express, Vintage Tea and Coffee, Gin & Juice, Madame Fromage, Castle Coffee and Craft Devil Brewery. Retailers include STA Travel, Wallys, Proline Skates, Lazarou Barbers, Habos Vintage and Crystals Jewellery.
The office accommodation extends to 19,314 sq ft and includes a mix of national and local established tenants.
The current residential accommodation totals 11,666 sq ft, comprising 13 residential units above the existing retail units with self-contained access on High Street. There is also further upper floor accommodation which has planning consent for a 30 bed student accommodation scheme.
There are significant asset management opportunities across the Estate, especially to increase the leisure element which has increased to approximately 40% of the current income. Hermes are currently carrying out a development at Church Street, Cardiff, which is contiguous with the Duke Street Arcade and we understand deals have been agreed with The Botanist, Honest Burger, Pho and Mowgli, further demonstrating the potential of this location as the dominant leisure destination.
The current opening hours of The Castle Quarter are: - Mon- Wed: 8am – 6pm - Thursday-Friday: 8am – 9pm - Saturday: 8am – 6pm - Sunday: 10.30am – 5pm 17 The three Arcades are Grade II Listed and are located in the Cardiff Central Conservation Area. As such empty rates are not charged on For identification purpose only. vacant units. THE CASTLE QUARTER ESTATE CARDIFF
18 CASTLE
TO BE LAZAROU
UNDER OFFE
UNDER OFFE R YARDS NINE
BE
R TO DEVIL CRAFTY ARCADE
GALACTIC QUEENS ATTI C VIN TAGE TOYS
TINE TO LIBER BAR AURANT COCKTAIL ENTRANCE PROPSEDSCHEME STUDENT AT FL
PERFECTION BR
IDLEWEA UNDER OFFER – REST MAGIC & YHEM HT DEVELOPMENT MA G R NI BAR Y BY AIL TO BE FL AURANT BURGER COCKT O REST PH HONEST PRINCES & BOUV ICE S PAUPER NEW STICHEYLORSS MOWGLI HAIR TA INSP GIN & JU BOTANIST ARDIA
IRA YS LPS S TIONS WALL GAME
CARDIFF INDOOR MARKET TENURE T
ALCHEMIS
THE OWNERSHIP IS PREDOMINANTLY HELD FREEHOLD
A small part of the ownership comprising at Duke Street Arcade and part of High Street Arcade is held long leasehold for a term of 125 years from 2nd December 1989 at a current head rent of £75,166 pa, reviewed 5 yearly on an upwards only basis, to the higher of the passing rent at the review date or 25% of the “rents” received or payable for the 12 month period ending 25th December immediately before the review date. The property is next subject to a rent review in February 2019.
The leasehold tenure gross income accounts for c. 15% of the overall income.
Freehold Leasehold 19 THE CASTLE QUARTER ESTATE 20
THE CASTLE QUARTER DIRECTORY MAP
S T CAR JO CASTLE H CASTLE ARCADE N S FOOD & DRINK
S Vintage Tea & Coffee T Madame Fromage Science Cream UTE AR Pizza Express DUKE ST LA AR U STA Minuet Restaurant DUKE ST ARCADE TRA EL HAIR & BODY U ER HI ER Crystals Constantinou Hair Salon ARLA S G CASTLE ELSH CA E RECT S Eileen Strong t/a Face Cosmetics T LE ST CRA TS H S EE E E E CARE ATA C LA AR U J Silverhand Jewellery CAST T HA R O A UL US R S HA R S H ELSH CA ES N T PROFESSIONAL SERVICES U ER S ER A U ER S Alan Edge RESTAURA T T ELE E S RE LUT ER Asim Ali UET E AR S Claudius Lewis ES THE T AR ER H Spencer John HIGH ST ARCADE E HA S L ERHA Ceri James Rogers TATT A CHE Y TR UT AR T ES S E ART S S RETAIL A EL CAFE N C H TEL QUARTER H Troutmark Books ASTLEARCADE H S A EL O TA E J Wallys E RESS T
S S L Crystals Jewellery
A C ARE A HE R L E AT AL ALACT C ATT C ENTERTAINMENT THEATRE ALES S ATE TA E T S
EA ES L P S Games HA R SC E CE E CREA S The National Theatre of Wales AR ER TATT ST H S S L CAFE MUSIC R CES U CE CHURCH QUARTER E A QUARTER ER ECT AU ERS HIGH ST ARCAD R L WOMA AS R AL E ELLERS U AR A ALL S HIGH STREET ARCADE RULES HA R AR ER LA FOOD & DRINK E TEA CL ST CHES Barkers Tea House NB R ACH E ACE Bwyta Bwyd Bombai (3Bs) CL C S RAT S Y C R ER Nine Yards ST AR ER C EE ST A A E CASTLE ARCAD C EE ELAT H C R A E H R HEALTH & BEAUTY MUSIC HU AR ER I C Simply Bare QUARTER G CAR WESTGA C EE ELAT CAR Nails in Cardiff LUES CR STALS H R AR ET Miss Patisserie E ELLER S C STA T U T HA R T E ST WALKING DISTANCES: DUKE STREET ARCADE WO ST 1 min to Cardiff Castle FOOD & DRINK CH M UR ST 2 mins to Principality Stadium Garlands A H C 2 mins to Cardiff Blues N M U/O RUIN Café B AR 4 mins to The Hayes Y S Y 4 mins to Cardiff Central Station HEALTH & BEAUTY AR T ST 5 mins to Cardiff Queen St Station Lazarou Barbers WEST R C AL T T C T AR S STA U G ST PROFESSIONAL SERVICES A RE EL Y A RTH STA Travel TE ST QU RIVER TAFF R A Sweeney Todd Hair R ER A TA RETAIL Jan Chen Fine Art
ST CAR A CASTLE WOOD L R A CAR A CE TRAL R C AL T CAR TRA STA U CE TRAL STAT
CUL ERH USE A CR SS L R A CAR A 21 THE CASTLE QUARTER ESTATE 22
A5 M1 A1 Norwich Leicester M54 A47 A43 A10 Birmingham A11 A43 A14 A49 Cambridge Ipswich M1 A12 Milton A1(M) A40 A40 M40 Keynes M11
Cardiff M5 M4 Airport Reading London Bristol M4 A34 M2 CARDIFF M25 M3 M20 M23 A3 A303 A23 A27 M27 A27 Southampton Exeter A35 CARDIFF IS THE CAPITAL CITY OF WALES AND BENEFITS FROM A LARGE RETAIL FOOTPRINT LOCATION POPULATION
Cardiff is located on the south coast of The city boasts excellent road Wales and lies approximately 15 miles communications and lies 4 miles (6 (24 km) south west of Newport, 42 miles km) south of the M4 motorway, which (68 km) east of Swansea, 43 miles provides direct access to London to the (69 km) west of Bristol and 150 miles east and much of South Wales to the (241 km) west of London. west. The city is only 28 miles (45 km) from the Severn Bridge, close to where Cardiff is well served by the national rail the M4 intersects with the M5 motorway network. Cardiff Central railway station north of Bristol. provides regular direct trains to Newport (12 minutes), Bristol (38 minutes), London Cardiff’s main bus station, located Paddington (1 hour 59 minutes) and adjacent to the railway station, is Birmingham New Street (2 hours). currently closed for redevelopment and 12.7 million passengers used Cardiff is expected to reopen in Summer 2018. Central station in the year 2015 to 2016. In the interim buses will drop off and Cardiff Queen Street station provides an pick up at nearby stops. Cardiff buses excellent local rail service, serving offer inner and outer city routes across The Valleys (Caerphilly, Pontypridd, the Vale of Glamorgan, while National Merthyr Tydfil and numerous other Express buses provide services to destinations). 2.6 million passengers destinations across the UK. used Cardiff Queen Street station in the year 2015 to 2016. Additionally, a Cardiff Airport is located 11 miles (18 km) £1.2 billion Cardiff Capital Region deal south west of the city centre. The airport was signed in early 2016, which aims to caters for over a million passengers a improve public transport across the year, with over 50 direct routes and city/region via the provision of a new more than 900 connecting destinations £734 million South Wales Metro in worldwide through hubs including addition to other projects. Amsterdam, Schiphol, Dublin and Barcelona (source: Cardiff Airport). 23 THE CASTLE QUARTER ESTATE 24
THE CITY OF ARCADES
Cardiff’s Business Improvement District (BID) will be launching a campaign that will brand Cardiff as the ‘City of Arcades’
Cardiff Council is fully supportive of the campaign with an initial £155,000 of approved funding
The campaign will raise the profile of Cardiff’s unique City Centre Victorian and Edwardian Arcades
Aimed at increasing Cardiff’s national reputation as a hub for high quality independent retail experiences
The first phase of the campaign is from April to August 2018 and will focus on building the campaign from the bottom up and engaging the residents of Cardiff
The second phase of the campaign will run from September to November 2018 taking the developed campaign into Bristol and Bath using a mix of mass physical advertising, digital mobile advertising, social influencer engagement and social advertising 25 THE CASTLE QUARTER ESTATE 26
GROUND FLOOR HIGH STREET ARCADE / DUKE STREET ARCADE
15 16
DUKE STREET 17 14 11 18 CASTLE ARCADE 19 13 12 10
20 9 28 8 25 26 21 29 22 1 23 7 CASTLE STREET R 24 27 6 30 24 5 2 25 HIGH STREET 4 23 SR 26 3 30 27 3 22 29 4 21 2 R 28 20 1 5 13 19 14 6 18 15 7 16 12 R Residential SR Planning for 30 student 8 17 flat development 11 10 9
JONES COURT
CASTLE ARCADE HIGH STREET ARCADE / DUKE STREET ARCADE
1. To be Greazy Vegan 12. Coffee Barker 23. Silverhand Tattoo 1. Corner Coffee 11. Direct Eye Care (Vacating) 21. Nail Craft 2. Jones The Barber 13. Gin and Juice 24. Restaurant Minuet 2. New Stitches 12. Vacant 22. New York Deli 3. Troutmark Books 14. Claudius Clo 25. Fabulous Welch Cakes 3. Barker Tea House 13. Sweeney’s Hair Salon 23. Vacated 4. Weaves Beauty 15. Wallys 26. Nata & CO 4. Bombai Street Food 14. Under Offer 24. Simply Bare 5. Magic and Mayhem 16. Inspirations 27. Office 5. This Is What We Do Hair 15. To Be Lazarou Bros 25. Proline Skates 6. Princess and Paupers 17. Madame Fromage 28. Castle Welsh Crafts 6. Brooklinde Jewellers Hairdressers 26. Miss Patisserie 7. Rules Of Play 18. Bouvardia Hair 29. To Be Craft Brewery 7. SWYD Tattoo 16. STA Travel Agent 27. Perfection Bridlewear 8. Face 19. Simply V 30. Pizza Express 8. Galactic Attic Vintage Toys 17. Garlands Cafe 28. Vom Fass 9. Madame Fromage 20. Science Cream 9. Hobos L/WR 18. Lazarou Hair Salon 29. Fly By Night 10. Constantinou’s 21. National Theatre 10. Nine Yards 19. Under Offer 30. Under Offer – Restaurant 11. Crystals 22. Pizza Express 20. Jian Chen’s Fine Art 27 THE CASTLE QUARTER ESTATE 28
FIRST/SECOND FLOORS HIGH STREET ARCADE / DUKE STREET ARCADE
3
DUKE STREET 4 CASTLE ARCADE
1 CASTLE STREET
HIGH STREET 2
1 2 19 3 11 18 4 10 9 12 8 12 7 5 13 6 17 14 15
16
JONES COURT
CASTLE ARCADE HIGH STREET ARCADE / DUKE STREET ARCADE
1. North Chambers 10. A Evans (Medical Wigs) 1. High Street Chambers 2. Student Residential 4. St Johns Chambers 2. Blanco Digital 11. A Edmwards (Alis Nails) First Suzanne Tantrum Development First Timeless Elegance 3. Amy Mair 12. Emptage Hallett t/a Trichologist Proposed 30 bed cluster Second U/O Steve Bines 4. AJE Hair Ltd 13. EK Create Second Simon Ashley student residential scheme (part of ground 1st 2nd) 14. Wrights Independant Food. t/a Needle Asylum 5. Chris King 15. Salon Wills Third Stronghold Tattoo 3. Duke Street Chambers 6. Stuart Mitchell 16. Cardiff Violins Flat 2 U/O - Steve Bines 7. Part of GF/FF Claire 17. Turnstile Flat 2 U/O - Steve Bines Mcartney) 18. Friends of the Earth 8. W Kelly (t/a Perfect Fit) 19. Airborne 9. Glatcham 29 THE CASTLE QUARTER ESTATE THE CASTLE QUARTER ESTATE 32
CASTLE QUARTER HISTORY
THE CASTLE QUARTER IS A HISTORICAL PART OF CARDIFF’S ARCHITECTURAL AND RETAIL HERITAGE SPANNING 131 YEARS FOR PUBLIC SERVICE SINCE THE DOORS FIRST OPENED IN 1885.
The Castle Quarter comprises three outstanding Victorian and Edwardian Arcades, all located within the short distance from Cardiff Castle, Castle Arcade, High Street Arcade and Duke Street Arcade. Originally home to many specialist shops of the era, ie drapers, apothecaries, tailors, jewellers and fortune tellers, the Castle Arcade has grown and adapted to the needs of a modern shopping environment.
Castle Arcade, built in two sections during 1882 and 1889 is known for its striking central junction. From here, the view to the iconic Cardiff Castle is streamed perfectly through the Dutch Renaissance inspired archway. The north/south section was designed by a local architect, E W M Corbett and the east/west wing slightly different in character was designed by F Rooney.
Castle Arcade also houses its iconic balcony, splitting the retail floors over two levels and incorporating public walkways. There are two staircases leading to the balcony, one on each wing.
The High Street Arcade is the first from the trio to be completed in 1885, inspired by the popular Gothic architecture of the time, it was designed by Peter Price who began by constructing the Albert Chambers, a striking architectural feature that echoes the Byzantine style.
Duke Street Arcade was a later addition in 1902, making it the only Edwardian Arcade in the Castle Quarter trio. It’s addition also made Duke and High Street Arcades the only adjoining Arcade in Cardiff. Castle, Duke and High Street Arcades all boast private chambers that are now used as offices and studios.
The Arcades are all Grade II listed. 33 THE CASTLE QUARTER ESTATE 34
SITUATION
THE CASTLE QUARTER IS LOCATED IN THE HEART OF CARDIFF AND HAS PRIME FRONTAGES ONTO THE THOROUGHFARES OF ST JOHN STREET, HIGH STREET AND CASTLE STREET, WHERE THE ICONIC WELSH LANDMARK, CARDIFF CASTLE IS SITUATED. Castle Street is one of Cardiff’s main arterial routes that connects the east and west of the city centre. High Street is centrally positioned within Cardiff’s central business district and has recently been pedestrianised allowing increased footfall. Notable occupiers include Pizza Express, the Alchemist, RBS and The Potted Pig. 35 THE CASTLE QUARTER ESTATE 36
THERE ARE THREE SHOPPING CENTRES IN THE CITY:
The St David’s Centre which was extended in 2009, creating a net addition of 620,000 sq ft (known as SD2). This incorporates the first John Lewis store in Wales, which comprises 260,000 sq ft and provides the prime retail offer in Cardiff.
RETAILING/ LEISURE IN CARDIFF Capitol Centre opened in 1990 and refurbished in 1999. The scheme has been bought by CARDIFF CITY CENTRE FOOTFALL 2005 - 2016 NewRiver and will be remodelled to provide Cardiff has one of the strongest and most further leisure and residential uses. Queens extensive retail offers in the UK, ranking Arcade extends to 147,740 sq ft and adjoins 7th on the basis of its PMA Retail Score and St David’s Centre. The Centre is anchored by 7th on the PMA Fashion Score and 10 on Tesco and Boots and provides a value and mass the PMA Fashion Square. market orientated offer. 50.0m The city has a retail catchment population of 1,648,271. The principal shopping streets include 45.0m Oueen Street and The Hayes, the latter of which 42.7m 41.0m is anchored by a 270,000 sq ft House of Fraser 39.8m 38.7m 40.0m 10.5% CAGR 38.3m store to the north and a 260,000 sq ft John Lewis to the south, providing the aspirational 35.0m 33.9m retail offer in the City. Queen Street runs from 30.5m west to east, providing the mass market offer 30.0m
with tenants including Next, Primark, River 26.6m Island and Top Shop. 25.0m 22.6m
Given the strength of Cardiff there are a 20.1m 20.0m number of new entrants entering the food and 16.5m In addition to the shopping centre, there are
beverage and leisure sectors such as Marco 14.2m 15.0m Pierre White’s steak house, Brew House, and seven retail arcades; Royal Arcade, Morgan Kitchen and a new JD gym costing £2m with Arcade, Castle Arcade, High Street Arcade, 10.0m the Ivy opening soon at 18 The Hayes and the Dominion’s Arcade, Wyndham Arcade and Duke Alchemist converting a former bank at 117/118 Street Arcade. There historic arcades form an
5.0m 37 High Street. Hermes are also undertaking a integral part of the City’s retail landscape and development at 6/10 Church Street with pre- add much needed vibrancy and an eclectic mix lets including Botanist, Honest Burger and 0.0m of retail/leisure uses. Mowgli and Pho. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 THE CASTLE QUARTER ESTATE 38 CARDIFF HAS BEEN HOME TO A NUMBER OF IMPRESSIVE REDEVELOPMENT PROJECTS IN RECENT YEARS FOCUSED ON CARDIFF BAY AND THE CITY CENTRE.
BUS STATION CENTRAL RAILWAY CENTRAL QUAY CARDIFF WATERSIDE PORTH TEIGR CITY DEAL CENTRAL SQUARE A new £11 million STATION A Masterplan is being New Grade A office A 38 acre mixed use £1.2bn on transport A RAP & Legal and Headquarters which integrated transport Cardiff Central Railway constructed for a development. Aviva development site infrastructure General development, will be completed in hub to replace Cardiff’s Station could see a redevelopment of SA have developed the located in Cardiff Bay. serving Cardiff. designed by Sir Norman 2018 and bring 1200 existing Bus Station. £2.8bn improvement to Brain brewery. The scheme with permission Porth Teigr represents Foster and Partners staff menbers to the city the rail infrastructure proposed 3 million for 500,000 sq ft of a one million sq is a 1 million sq ft centre. Blake Morgan law and significant sq ft development will Grade A offices. Premier ft development development of new firm has also taken space. increase in the size include new restaurants, Inn are constructing a opportunity which has office, residential and The Inland Revenue have of its concourse and bars, shops, offices and 210 bed hotel. scope to house a wide leisure space around also pre-let 266,000sq potentially more than residential apartments. range of businesses and Cardiff central railway ft of new space at No.6 340,000 sq ft of new over 1,000 new homes. station. BBC Wales has Central Square and is
office and retail space, chosen this site as their set to relocate a further 39 subject to backing from preferred location for 4,000 jobs to the City the Department of a new 150,000 sq ft Centre in 2009. Transport. THE CASTLE QUARTER ESTATE 40
PROPOSAL
Offers are invited in excess of £19,500,000 (Nineteen Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT which reflects the following yield profile on the net income assuming acquisition costs at 7.69% and a capital sum of £450,000 applied to the proposed development at 10 High Street.
Net initial yield: 7.50% Equivalent yield: 8.11% Reversionary yield: 8.17% Capital value £158 psf
VIEW CASTLE QUARTER ONLINE https://vimeopro.com/red90/castle-quarter
CONTACT
For further information, please contact:
Philip Hay 020 7637 7100 [email protected]
Brook Wannop 020 7637 7100 [email protected]
Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements of representations of fact but satisfy themselves by inspection 41 or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. 100492. Designed by TCC 05/18.