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Home , Bute Park, Cardiff Castle, Castle Quarter (Cardiff)

27 HIGH STREET 27 High Street CARDIFF CF10 1PU

PRIME LEISURE & RESIDENTIAL INVESTMENT

1 27 HIGH STREET CARDIFF

Cardiff, ’ capital city, is a major administrative, The property is situated on the pedestrianised High 64% income is leisure, 36% is residential Investment retail, and commercial centre, with a growing Street at the heart of The Quarter. The Castle population. Quarter is a historical part of Cardiff situated between Summary Freehold the city’s retail and employment offer. Cardiff boasts a retail catchment of 1.6 million people We are instructed to seek offers in excess of ranking the city 10th of the Promis centres nationally. The basement is let to The Potted Pig, the ground £2,900,000 (exclusive of VAT) for the benefit floor to Zizzi and there are six refurbished two bed of our client’s freehold interest, which reflects a apartments on the upper floors let on ASTs. Cardiff benefits from 21 million tourists per annum, who 6.25% net initial yield (6.5% purchasers costs) on boost local expenditure by almost £1.3 billion a year, in the commercial income and £227 per sq ft on the addition to a sizeable student population of 70,000. Low leisure and residential rents residential apartments.

2 - totalling £172,244 per annum 27 HIGH STREET CARDIFF

Location & Demographics

Cardiff is Wales’ capital city and is the leading retail and commercial centre in . The city is situated on the south coast of Wales, lying 42 miles (68 km) east of Swansea and 43 miles (69 km) west of Bristol.

road rail

Bristol 43 MILES 50 MINS

Reading 114 MILES 95 MINS

London 147 MILESBRECON 127 MINS M5 National Rail Train Times Prior to electrification ROSS-ON-WYE CHELTENHAM

A470 A40

A465 MONMOUTH MERTHYR ABERGAVENNY A40 A417 Cardiff has a retail catchment population of TYDFIL 1.6 million people, and a shopping population M5 of 791,000 people, ranking the city 10th of all A470 A465 CIRENCESTER Promis centres. Due to the attractive lifestyle CHEPSTOW A419 that it offers and its vibrant leisure and A429 42 M4 M48 restaurant scene, the city boasts an above SWANSEA 41 41 A470 A48 SWINDON average proportion of the most affluent AB 40 NEWPORT M4 39 M4 PORT 38 social group. Cardiff has been identified as TALBOT M4 M4 37 36 35 A48 BRISTOL a growth hotspot with projected population CHANNEL M4 A350 growth of over 42% in the next 20 years. BRIDGEND A48 M32 A4232 A4 CARDIFF M5 CHIPPENHAM Cardiff benefits from 21 million tourists CARDIFF A4050 BRISTOL A4 AIRPORT BARRY A36 per annum, who boost local expenditure A370 BRISTOL BATH AIRPORT by almost £1.3 Bn a year, in addition to a WESTON-SUPER A39 -MARE sizeable student population. Many of the A36 70,000 students who study at the three M5 universities in the city opt to remain in the

22 city after graduating, attracted by the strong MINEHEAD jobs market. This reflects the presence of A39 A36 several large organisations, including PwC, N BRIDGWATER SALISBURY GLASTONBURY Legal & General, and Eversheds, who are For reference purposes only attracted by the highly-educated workforce, TAUNTON 57% of whom are qualified to degree level. 3 27 HIGH STREET CARDIFF

Connectivity Bus The new bus station / interchange building has been Cardiff’s excellent transport connections are a significant catalyst approved with it expected to start on site this spring. in the city’s economic strength. Plans for a new £11 million bus station were approved by counsellors in late 2018, which will involve a 14 bay bus interchange. It is expected to be operational by 2021. Road The M4, accessed via Junction 32 4 miles to the north of the property, provides east-west links from London and Bristol in the Air east to the rest of South Wales in the west. It provides access to the W O O D V IL L E R D Cardiff InternationalK NI G E D WA R D V IAV E N U E Airport, located just 11 miles (18 km) M5 motorway via Junction 20, which leads north to Birmingham and S O P H AI WA L K MUSEUM PLACE south west of the city, offers directNATIONAL flights to ANL EPA RK over M U S E U M AV E N U E COUNTY MUSEUM the wider Midlands region. The Second Severn Crossing that joins CRICKET CLUB & GALLERY 6B142 75 international destinations. CARDIFF Wales and England, now renamed the Prince of Wales Bridge saw S AT N D R E W LSA N E

WELSH WELSH COLLEGE OF C TI Y R D MUSIC & DRAMA N O R T H R O A D the abolition of tolls into Wales as of December 2018, this will benefit INSTITUTE ST ANDREWS PLACE CITY HALL PA R PK LA C E T H E WA L K OF SPORT 25 million drivers into Wales and we expect increase visitor numbers W E S T G R O V E SOPHIA CLOSE CITY HALL RD E A S T G R O V E LAW GORSEDD GARDENS RD and bring new occupiers to the South Wales market. COURTS T H E PA R A D E DUMFRIES LN G L O S S O P R D COOPERS FIELD TA L B O T S T D UPLAM ES FCRE I A 4 7 0 S T U T T G A R T E R STRASSE W N DI SO PRL

BOULEVARD DE WAY NANTES S G N I K A4161 TO NEWPORT

PA R K L A N E A 4 8 & M 4

PA R PK LA C E H O WA R D P L C AT H E D R A L R D A 4 19 N A470 (A469) TO CAERPHILLY & M4 Rail HAMILTON ST SOPHIA 27 High Street NEWPORT ROAD LANE GARDENSFor reference purposes only CF10 1PU G R E Y F R I A R S R O A D WINDSOR LANE 1 6 1 4 A NEWPORT RD TF I Z A L A N P L A C E A4161 Cardiff Central station, situated 0.4 miles (600 metres) to the south of T H EF RA I R Y F IT Z A L A N R D A D A M S T O W N

WAY S G N I K the property, is well served by the national rail network and was used S TATREAT OC EN I

QUEEN STREET QUEEN by 12.7 million passengers in 2015/16. It provides frequent services STREET F I T Z A L A N P L A C E A4161 TO A48 an A4161 to Newport (12 minutes), Bristol (38 minutes), London Paddington (2 o AND M4 WEST M O I R A P L A C E COWBRIDGE RD EAST D R L A R D E H AT C R E W O L QUEEN STREET F R E D E R CI K S T C H A R L E S S T R E E T K N O X R D hours), and Birmingham New Street (2 hours). S T J O H N S T R E E T NORTH EDWARD ST

WDEN PL P N E D AW R DUKE STREET C A S T L E S T R E E T C H U R C H LI L WAY RAWDEN MEWS H G I HS TR E E T QUEEN'S

EL ATCS ARCADE W E SL E YL A N E

W TS OMA NBY MOIRA TERRACE N E V IL L E S T E C T M A E R T S D L OC HIGH ST ARCADE ARCADE W E S T G AT E S T R E E T ST DAVID'S CENTRE Cardiff Queen Station, situated 0.5 miles (800 metres) to the east G R E E N S T M A R K S T W I N D S O R R D T R IN IT Y S T R E E T

C H U R C H S T of the property, serves the local Valleys and numerous other local W O R K NI G S TS T D AV I D ' S B A R R A C K H A L L

WA KWAYMU L I N E L L M I GUILDFORD ST

D E B U R G H S T B R O O K S T E N A L WAY L L I H C R U H C destinations. It was used by 2.6 million passengers in 2015/16. F F TA R E V I R Q U AY S T

9 1 1 4 A CARDIFF G U I L D F O R D C R S A N D O N S T HILLS STREET B R I D G E S T

R U G B Y C L U B D AV DI S T RIVERSIDE W E S T G AT E S T R E E T GUILDHALL PL WHARTON STREET D AV I S S T M A C H E N P L A C E T H HE AY E S ADMIRAL C E N T R A L L IN K HQ UNIVERSITY OF D E S P E N S E R S T S MT A R YS T R E E T SOUTH WALES A £1.2 Bn Cardiff Capital Region deal was signed in 2016, £738 million TS E AR L C TF ZI H A M O NE M B A N K M E N T A 4 2 3 4

N E V I L L E P L MOTORPOINT MORGAN ARCADE M A R YA N N ES T ARENA of which has been committed to improving Cardiff’s rail connections C L A R E G D N S

C R A D D O C K S T G LO U CE ST ER A D A M S T to the surrounding towns and cities. Projects include the Valley Lines BT ROYAL ARCADE A 4 2 3 4 T O TOWER H AY E S B R DI G E R O A D TREDEGAR ST & M4 H AV STLEO CK

C L A R E P L TS ANTA L P T NE G Electrification programme, and the Scheme. DESPENSER PLACE

TS AHEMCUB P TF ZI H A M O NL A N E PARK STREET

S TM A R Y S T R E E T CAROLINE STREET M L I E N NU I M S C O T TR D HMRC

G R EAT W ES TE R NLA N E P L A Z A

BUTE TERRACE

M I L L L A N E E L L E N S T MARRIOTT T Y N D A L L S T

T U D O R S T CENTRAL SQUARE DEVELOPMENT

CUSTOM HOUSE ST CAPITAL QUARTER T U D O R L A N E B U T ES T R E E T

T Y N D A L L S T

4 S C H O O N E RWAY

SAUNDERS ROAD W H A R F R D E

CENTRAL ROAD H E R B E R T S T TRAIN STATION

CRICHTON STREET A047 - AV OEG RLOL DY P E N D Y R I S S T BRIGANTINE PL

AFF F TA R E V I R CRICHTON STREET

LLANSANNOR DR S.A.BRAIN & CO LTD A4160 TRESILLIAN WAY BREWERY

t 27 High Street 27 HIGH STREET CARDIFF CARDIFF CF10 1PU

1 & 2 Central Square

Central Train Station

National Principality Stadium Cardiff Blues New BBC HQ Stadium New HMRC Holiday Inn Central Square Scheme

Bar 44 The Angel Hotel

WRU Hotel

Gin & Juice Bar Assador 44

Potted Pig Alchemist Bar Turtle Bay Libertine Bar Rum & Fizz Bar

Pizza Express

St Davids SD2 Fly by Night Cardiff Castle Shopping Centre House of Fraser Corner Coffee Juniper Place

Botanist Honest Burger

Queen’s Arcade

5 27 HIGH STREET CARDIFF

N CARDIFF CASTLE For reference purposes only

Retailing in Cardiff

Cardiff is the region’s premier shopping destination, boasting one of the strongest and most extensive retail offers in the UK. The city’s 2.22 million sq ft of high quality retail space positions Cardiff 7th and 10th on the AURANT TINE LIBER BAR basis of its PMA retail and fashion score respectively. AIL TO COCKT ENTRANCE PROPSEDT SCHEME STUDENt FLA This reflects the impressive range of retailers that Cardiff POTTED PIG UNDER OFFER – REST

is home to, from international retailers such as Apple, to FLY BY NIGHT COCKTAIL BAR

RESTAURANT DEVELOPMENT aspirational retailers such as Hugo Boss and Reiss. TO BE HONEST BURGER, PHO, MOWGLI, BOTANIST

RUM AND FIZZ The core retail offer in Cardiff is centred around the pedestrianised Queen Street, , and the city’s three shopping centres; St David’s Centre; ; and Capitol Centre. This range of pitches deliver a diverse and varied retail experience. Queens Street, Queen’s Arcade, and the Capitol Centre provide the mass market offer, with tenants including a number of multi-national retailers such as Zara, Primark, and CARDIFF INDOOR MARKET Next, while The Hayes and St David’s shopping centre provide the more aspirational retail offer, including a 260,000 sq ft John Lewis and numerous designer brands such as Kurt Geiger and Karen Millen.

In addition to these more mainstream offers, the city boasts seven historic retail arcades, which are an integral part of the City’s retail landscape and provide a more vibrant and unique shopping experience.

Cardiff also benefits from a lively and thriving restaurant and bar scene, with a number of exciting new arrivals to the sector. This includes Marco Pierre White’s steak house opening in Dominions Arcade, The Alchemist converting the former NatWest on St Mary Street, and The Botanist and Honest Burgers both having pre-let space at Hermes’ development at 6/10 Church Street.

6 27 HIGH STREET CARDIFF

Situation

The property is situated on the pedestrianised High Street at the heart of The . The Castle Quarter is a historical part of Cardiff situated between the city’s retail and employment offer.

The Castle Quarter comprises three outstanding Victorian and Edwardian Arcades and Cardiff Castle. The quarter has historically been home to specialist shops such as drapers, apothecaries, tailors, and jewelers. Over time, the arcades and the surrounding quarter have grown and adapted to the needs of a modern shopping environment.

Today, the Castle Quarter’s outstanding architecture and pedestrianised streets, provide a unique customer experience. Consequently, it is CARDIFF CF10 1PU CARDIFF

regarded to be the destination of choice for locals wanting to socialise Street 27 High and shop in the town centre, and tourists, looking to soak up the city’s history and cultural heritage.

Retail expenditure exceeded £4bn in 2018 and is diverse in its origins. It is underpinned by Cardiff’s far reaching catchment, the affluent and growing population, the sizeable student population, and the strength of the city’s underlying tourist appeal.

7 27 HIGH STREET CARDIFF Description

The property comprises a mixed use asset extending to 12,512 sq ft (1,162 sq m) and is arranged over ground floor, basement, and three upper levels. The property benefits from a prime pitch on Cardiff’s busy High Street, being situated immediately adjacent to Castle Arcade and across the road from the entrance to High Street Arcade.

The property boasts an attractive facade having formerly been a bank, and now houses two restaurants at ground floor and basement level, in addition to six, 2 bed, residential units.

Located in the former bank’s vaults, the restaurant located at basement level boasts a unique character with vaulted ceilings and exposed brickwork. It also benefits from a separate entrance.

The restaurant on the ground floor is located in the former banking hall and offers an appealing dining environment with high ceilings and additional outdoor seating on the High Street.

The six, two bed, residential units are arranged across the three upper floors and benefit from a separate entrance off the High Street. All of the units have recently been refurbished and offer high quality living space.

The property is Grade II listed and is located in the St Mary Street

Conservation Area. Address Demise Sq Ft Tenant Lease Start Passing Rent Date Lease Expiry (per annum)

Zizzi, Ground Flr 3,730 Azzurri Restaurants Ltd with surety 20/01/2005 19/01/2030 £78,500 Tenure 27 High Street Pt Basement 234 from Azzuri Central Ltd t/a Zizzi The Potted Pig, Voltaire (Cardiff) Ltd Basement 3,068 17/03/2011 16/03/2031 £31,644 The property is held freehold. 27 High Street t/a The Potted Pig Total Commercial 7,032 £110,144 Tenancies Flat 1, 27 High Street Upper Floors 938 Private Individual(s) 15/08/2018 14/08/2019 £10,200 Flat 2, 27 High Street Upper Floors 891 Private Individual(s) 21/02/2019 20/08/2019 £10,500 Income highlight include: Flat 3, 27 High Street Upper Floors 931 Private Individual(s) 08/11/2018 07/05/2019 £10,200

Conservative restaurant rents for the quality of pitch (average £15.60 psf) Flat 4, 27 High Street Upper Floors 891 Private Individual(s) 08/02/2019 07/08/2019 £10,500

Flat 5, 27 High Street Upper Floors 939 Private Individual(s) 23/03/2019 22/09/2019 £10,500 Six AST tenancies totalling £62,100 per annum (£850-£875 pcm per unit) Flat 6, 27 High Street Upper Floors 890 Private Individual(s) 13/09/2018 12/09/2019 £10,200

64% leisure income and 36% residential income Total Residential 5,480 £62,100

Total 12,512 £172,244

8 27 HIGH STREET CARDIFF

Covenant

Zizzi was established in 1999 in Chiswick and has since expanded to 140 restaurants nationwide. Zizzi forms part of the market leading Italian casual dining group The Azzuri Group which also owns ASK Italian and Coco di Mama. Zizzi have been trading the subject premises since 2005.

The latest accounts reported by the tenant, Azzurri Restaurants Ltd, are outlined below.

02/07/2017 26/06/2016 28/06/2015 Year Ending (£’000) (£’000) (£’000)

Sales Turnover 249,250 226,636 217,670

Profit / (Loss) Before Taxes 19,289 17,627 17,357

Tangible Net Worth 76,115 60,446 45,592

Azzurri Restaurants Ltd has a D&B rating of 5A1 which represents a minimum risk of business failure.

The Potted Pig is a highly regarded bistro and with a French and New York influence which was established in the subject premises in 2011. The restaurant has a 4.5 out of 5 rating on Trip Advisor and has a Certificate of Excellence 2015-2018 winner. The tenant Voltaire (Cardiff) Ltd reported a turnover of £70,552 the year ending August 2017 and a profit of £1,547.

9 27 HIGH STREET CARDIFF

EPC

EPCs are available on request.

VAT

The property is elected for VAT. It is envisaged that the transaction will be treated as a transfer of a going concern. PRIME LEISURE & RESIDENTIAL INVESTMENT

Further Information

For further information or to arrange an inspection of the property, please contact:

Ross Griffin Andrew Phillips 029 2036 8961 011 7910 2354 07972 000 113 07972 000 112 [email protected] [email protected] Proposal James Stratton We are instructed to seek offers in excess of Savills Commercial 020 7409 8880 2 Kingsway, Cardiff 07787 513 060 £2,900,000 (exclusive of VAT) for the benefit CF10 3FD [email protected] of our client’s freehold interest, which reflects a 6.25% net initial yield (6.5% purchasers SUBJECT TO CONTRACT Misrepresentation Act Messrs Savills UK Ltd for themselves and for the vendors or lessors of this property whose agents they are, give notice that: costs) on the commercial income and £227 1. 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. per sq ft on the residential apartments. 2. All descriptions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct but any intending purchasers should not rely on them as either statements or representation of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. All dimensions are approximate. 3. No persons in the employment of Messrs Savills (UK) Ltd has any authority to make or give any representation or warranty whatsoever in relation to this property. 4. All correspondence regarding this offer is subject to contract. April 2019

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