OFF EDGE Station Approach, Penarth, Vale of Glamorgan, CF64 3EE

Well let Freehold office / retail Investment Off Edge Station Approach, Penarth, Vale of Glamorgan, CF64 3EE 2

EXECUTIVE SUMMARY • Penarth in the Vale of Glamorgan is approximately 3.5 miles to the south west of Cardiff City Centre adjoining the southern shore of Cardiff Bay • Prominent fully refurbished Victorian building in the heart of the Victorian town of Penarth • Situated next to Penarth Train Station • Multi Let to local office and retail occupiers • Freehold • 5,742 sq ft (533.5 sq m) • Passing rent of £98,400 per annum • We are instructed to seek offers in excess of £1,050,000 (One Million Fifty Thousand Pounds), • This represents an attractive Net Initial Yield of 8.86%, after deducting standard purchaser’s costs of 5.75%. For reference purposes only LOCATION The property is located in Penarth in the Vale of Glamorgan The town demographic is predominantly commuters working approximately 3.5 miles to the south west of Cardiff City in the region but also has a significant retiree community. Centre adjoining the southern shore of Cardiff Bay. Penarth has a population of 27,226 persons (census 2011). Penarth is easily accessible from Junction 33 of the Historically the town was a major tourist destination given its picturesque setting overlooking the Severn Estuary. The M4 via the A4232 dual carriageway and the A4055. The town benefits from a traditional seafront and pier as well as Cardiff International Airport is 11 miles to the West. a vibrant town centre. The town remains a popular tourist destination as well as a desirable place to live and work Penarth is situated on the Vale of Glamorgan railway line, given its amenities, architectural features and its proximity to which provides a direct link to Cardiff Central (shortest Cardiff City centre. journey time of 17 minutes) and Rhoose Cardiff International Airport (shortest journey time of 39 minutes). Off Edge Station Approach, Penarth, Vale of Glamorgan, CF64 3EE 3

DESCRIPTION The property comprises a detached, three-storey Victorian building of traditional brick construction with stone window surrounds and render to the side and rear, beneath a hipped roof of slate tiles. Windows are a mix of double-glazed uPVC- frame casements and single-glazed timber and steel frame sash and casements. The ground floor features a timber- frame plate glass shop front. Internally, the ground floor provides a retail shop with timber floors and painted walls and ceilings. There is a ground floor sales area, two rear store rooms and WC. The first and second floor comprise of individual office suites. The total site area is approximately 0.057 acres (0.023hectares)

For reference purposes only

SITUATION Penarth town centre offers a mixture of convenience, service and food and drink retail as well as high quality regional restaurants and bars, which are supported by the affluent demographic of Penarth.

The property is situated adjacent to the entrance to Penarth railway station. Station Approach forms a small square with the station at one end, and car parking spaces in the centre, in front of local shops and offices to either side. Free car parking for up to 2 hours is provided. Off Edge Station Approach, Penarth, Vale of Glamorgan, CF64 3EE 4

TENURE Freehold

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TENANCY The property is Let in accordance with the tenancy schedule below. The current passing rent is £98,400 per annum:

UNIT TENANT TOTAL SQ FT RENT START REVIEW LENGTH EXPIRY COMMENTS Ground Floor Retail The Bottle Shop Penarth Ltd 1,539 £15,000 05/08/2020 05/08/2025 10 04/08/2030 Ground Floor Retail Academy Coffee Limited 38 £5,000 To be granted on sale Every 3 years 9 Ground Floor Offices Studio 44 398 £8,400 Due to complete November 2020 5 5 yr lease with 3 yr break First Floor Offices Lucas Law 914 £14,000 15/10/2020 5 14/10/2025 5 yr lease with a 2 yr break. Rent rising to £14,500 yr 2 and £16,000 yr 3 First Floor Offices Kristian Richards trading as Two 979 £16,000 01/06/2020 5 31/05/2020 Break 01/06/24 Rivers Tattoo Parlour Second Floor Offices DS Holdings (Penarth) Ltd 215 £10,000 10 yrs on completion of sale 3 yearly 10 3 yr break options on 6 months notice Second Floor Offices Ticketsource Limited 1657 £30,000 23/02/2017 23/02/2020 10 22/02/2027 5,740 £98,400 Off Edge Station Approach, Penarth, Vale of Glamorgan, CF64 3EE 5

MANAGEMENT PROPOSAL The current Service charge budget is We are instructed to seek offers in £11,835 per annum (£2.06 per sq ft). excess of £1,050,000 (One Million The SC is apportioned on a floor area Fifty Thousand Pounds), which basis. represents an attractive Net Initial Yield of 8.86%, after deducting standard purchaser’s costs of 5.75%. EPC An EPC is available on request. CONTACT For further information please VAT contact: The property is elected for VAT and Ross Griffin as such we anticipate the transaction Director can be treated as a TOGC (Transfer [email protected] of a Going Concern). 02920 368 961 Chloe Beard Surveyor [email protected] 02920 368 967

Savills Cardiff 2 Kingsway Cardiff CF10 3FD

IMPORTANT NOTICE Maps are reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100022432 Savills (UK) Ltd, and published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | November 2020