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NEW_draft BROADCASTING 27.03.15 HOUSE CENTRAL SQUARE CARDIFF BBC CYMRU WALES NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF NEW BROADCASTING HOUSE Prime Pre-Let Office Funding Opportunity CENTRAL SQUARE CARDIFF 1 NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF BBC CYMRU WALES EXECUTIVE SUMMARY Opportunity to forward fund the new BBC Cymru Wales Unrivalled connectivity, with Cardiff Central Train Station Headquarters building. and the potential new bus station being located directly adjacent to the property. Let entirely to British Broadcasting Corporation on a non assignable full repairing and insuring lease providing a A net total of 15,732 sq m (169,339 sq ft) of term certain of 20 years. accommodation arranged over basement, ground and five upper floors. Unique landmark Foster + Partners designed building in the heart of central Cardiff, the capital city of Wales. Undoubted covenant of British Broadcasting Corporation, established by Royal Charter in 1927. BBC Cymru Wales New Broadcasting House will be An initial rent of £4,064,015 per annum. located at the centre of the new 4.9 hectare (12.11 acres) Central Square scheme being developed by Rightacres Property Co Limited. NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF 02 NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF CARDIFF NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF Rent reviewed on every 5th anniversary of the term in On behalf of Rightacres Property Co Limited, we accordance with RPI subject to a cap of 5% per annum are instructed to seek a full forward funding proposal and a collar of 1% per annum compounded annually. for the development based upon a price in excess of £79,800,000 subject to contract and exclusive of VAT. A A new 250 year leasehold interest from The City of purchase at this level reflects a net initial yield of 5.00% Cardiff Council at a peppercorn rent. assuming purchaser’s costs at 1.8%. Planning consent anticipated in April 2015 with a target At this price, the yield profile assuming Oxford Economics for practical completion of the developer’s works in consensus RPI forecasts will be as follows: May 2017. Year 5 : 5.94% Year 10 : 7.02% Year 15 : 8.24%. NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF 03 NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF BBC CYMRU WALES LOCATION Edinburgh Cardiff is the capital city of Wales, with an estimated resident M8 population of 346,000 with a further 1.2 million within a 45 Glasgow minute travel time. Capital City status was granted in 1955 M74 and the city has grown as Wales’ economic and political centre being the home to Welsh Government. Newcastle Carlisle Cardiff is Wales’ prime business location with occupiers A1(M) including Admiral Insurance, Lloyds Bank, Eversheds, BT Plc A74(M) and Centrica. Cardiff is placed 5th in the UK retail rankings in Experian’s strongest market potential category. St David’s Shopping Centre, Cardiff ’s principal retail destination, is Leeds Hull anchored by John Lewis and extends to a total of circa Manchester M62 M180 950,000 sq ft. M18 M56 Sheffield Tourism plays a large part in Cardiff ’s economy with an M6 M1 estimated 18.3 million visitors per annum and is ranked sixth Norwich Leicester in the world in National Geographic’s alternative tourist M54 destinations. Birmingham Cambridge Ipswich The city is renowned for hosting some of Europe’s most M1 Milton A1(M) prestigious sporting events such as the European Rugby Cup M40 Keynes M11 M5 Final, Ashes Cricket Tests, assisting to host the 2012 Olympic Reading M4 LONDON M4 Games and is the head quarters for Wales Rally GB. These CARDIFF Bristol M2 M25 M3 M20 events and many others helped Cardiff to be awarded the M23 European City of Sport for 2009 and 2014. Cardiff was also M27 Southampton awarded the European City of Culture in 2008 and the Best UK City for Young People in 2013. Exeter SITUATION The BBC Cymru Wales New Broadcasting House building is to be situated in the heart of the city within the new Central Square development which is directly adjacent to Cardiff Central Train Station and the Millennium Stadium. Central Square is set to incorporate 1.4 million sq ft of mixed use development including office, hotel, residential and retail accommodation. Cardiff Central Train Station is under review by Network Rail for large scale redevelopment to enhance its capacity from 13 million to 30 million passengers a year over the next 20 years. This will increase the car parking capacity to the rear of the station and potentially also provide further retail, leisure and office accommodation. The St David’s Shopping Centre is within a short walking distance of the property. St David’s Shopping Centre includes occupiers such as John Lewis, Gap, Apple, Hamleys, TM Lewin, Hugo Boss, Radley and Hollister. There is also a strong restaurant offering within the City Centre, with occupiers including Wagamama, GBK, Carluccios and TGI Fridays. Central Square lies within the boundary of the Cardiff Enterprise Zone which has been created to assist with Cardiff ’s growth as an international business location. The Enterprise Zone scheme is set to provide the business infrastructure investment required to compliment Cardiff ’s thriving leisure and retail offering. Central Square also lies within a Tier 2 Not to scale. Assisted Area. NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF 04 NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF CARDIFF COMMUNICATIONS Cardiff is well served by both road and rail communications. The city is situated on the M4 motorway, and lies approximately 236 km (147 miles) east of London. South Wales links via the M5 and M50 motorways to both the Midlands and south west of England. Almost 80% of the UK population lives within a 4 hour drive of Cardiff. Distance by road London 236.0 km 147 miles Bristol 69.2 km 43 miles Birmingham 181.9 km 113 miles Swansea 66.8 km 41 miles Newport 23.5 km 15 miles High speed rail services give rapid access to all major cities across the UK. Cardiff Central Station is one of the principal stations on the Great Western Line from London to Swansea. Frequent services run to and from London Paddington, with an average journey time of 2 hours. From London, connections can be made onto Eurostar services to Europe. Cardiff Central Station is also the hub of the extensive Valley Line Network serving the inland towns of south east Wales, from where a significant proportion of the city’s work force is drawn. National Rail Times from Cardiff London 2 hours 7 minutes Bristol 50 minutes Swindon 1 hour Reading 1 hour 35 minutes Exeter 2 hours 23 minutes Manchester 3 hours 10 minutes Liverpool 3 hours 30 minutes Newcastle 5 hours 34 minutes Edinburgh 6 hours 17 minutes Glasgow 6 hours 22 minutes The electrification of the train line between London Paddington and Cardiff Central is set to be completed in 2017. The travel time to London is set to be reduced to a time in the region of 1 hour 45 minutes. Flight times from Cardiff International Airport London 46 minutes Birmingham 42 minutes Manchester 50 minutes Edinburgh 1 hour 10 minutes Belfast 1 hour 9 minutes Dublin 1 hour 5 minutes New York 7 hours 27 minutes Dubai 7 hours 18 minutes Zurich 1 hour 28 minutes Milan 1 hour 42 minutes Munich 1 hour 39 minutes Paris 55 minutes Barcelona 1 hour 55 minutes Cardiff International Airport provides regular flights to a number of European and International destinations. The airport lies approximately 22.5km (14 miles) to the south west of the City Centre. NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF 05 NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF BBC CYMRU WALES THE CENTRAL SQUARE PROJECT The BBC Cymru Wales New Broadcasting House building makes up nearly 170,000 sq ft of the total anticipated 1.4 million sq ft development at Central Square. Rightacres has already commenced construction on a 135,000 sq ft Grade A office building at One Central Square. Future developments within Central Square are planned to include further grade A office accommodation, a high quality residential tower, hotel and complimentary retail and leisure space, as well as a high quality urban and civic environment. A masterplan has been prepared by internationally renowned architects Foster + Partners, to ensure the redevelopment of Central Square creates a strong relationship with Network Rail’s upgrading and redevelopment plans for Central Station. This scheme will transform Cardiff ’s landscape and greatly add to the city’s offering of grade A office accommodation. Central Square will become Cardiff ’s prime office location and create a carefully planned and managed new centre for commerce in Wales. The development will incorporate a contemporary integrated transport hub which will create unrivalled local and international transport links. Central Square is being planned in a sustainable way and will result in a lively, vibrant and creative hub for business, retail and leisure in Cardiff. NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF 06 NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF CARDIFF NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF 07 NEW BROADCASTING HOUSE CENTRAL SQUARE CARDIFF BBC CYMRU WALES THE CENTRAL SQUARE PROJECT MASTERPLAN AREA The Central Square scheme has commenced with One Central Square currently under construction following planning consent granted in July 2014. The Central Square Masterplan Area Vision Study was completed in October 2014, which covers circa 4.9 hectares (12 acres) and is edged in blue below. Central Square is set to incorporate circa 1.4 million sq ft of mixed use development including offices, hotel, residential and retail uses. A detailed planning application was submitted on 23rd December 2014 for the 2.5 hectare (6.18 acre) site, edged red, which contains the BBC Cymru Wales New Broadcasting House building and Plot 2 Central Square.
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