121-139 Queen Street & 40 Windsor Place, Cardiff Cf10
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121-139 QUEEN STREET & 40 WINDSOR PLACE, CARDIFF CF10 2BJ PRIME HIGH STREET RETAIL PARADE & OFFICE INVESTMENT ANCHORED BY A SAINSBURY’S SUPERMARKET IN A HIGH FOOTFALL LOCATION Investment Considerations • Attractive detached city centre mixed use parade providing • There are 2,456 professionally managed short stay parking spaces • Over 50% of the income is secured to 5A1 covenants approximately 54,122 sq ft of accommodation across 5 car parks located within 5 minutes creating significant • AWULT of 6.3 years to expiry, 4.72 years to break • Located on the attractive pedestrianised pitch of Queen Street additional footfall past the property • Longer term asset management opportunities including • The property benefits from substantial footfall due to a highly • The property comprises four well proportioned retail units anchored refurbishment of the office space and increasing the site density prominent position at the junction of Queen Street and the A4161 by a highly prominent Sainsbury’s supermarket with return frontage by adding storeys above, subject to the necessary consents Dumfries Place, a key entry point into the office and retail core and three floors of modern office accommodation located above Poundland • Situated 100m from Queen Street Station, an extremely busy • Freehold commuter station (the second busiest in Wales) • The retail units are let to Sainsbury’s Supermarkets Ltd, Starbucks Coffee Company (UK) Limited, Poundland Limited • Offers sought in excess of £18,920,000 (Nineteen Million and Fifty • The major east/west arterial A4161 & Dumfries Place provides and Demipower (2017) Ltd t/a KFC Thousand Pounds) subject to contract and exclusive of VAT. 9 busy bus stops within 100m of the property generating This equates to an attractive net initial yield of 6.75% after considerable footfall past the parade throughout the day • Income of £1,375,741 per annum allowing for purchaser’s costs of 7.69%. 121-139 QUEEN STREET & PRIME HIGH STREET RETAIL PARADE AND OFFICE INVESTMENT OPPORTUNITY 40 WINDSOR PLACE, CARDIFF CF10 2BJ ANCHORED BY A SAINSBURY’S SUPERMARKET IN A HIGH FOOTFALL LOCATION M50 A10 M1 LOCATION A465 A44 LUTON A1(M) A41 As the capital of Wales, Cardiff is a popular tourist and shopping GLOUCHESTER destination with approximately 18 million visitors each year. Cardiff is M11 A40 strategically located approximately 150 miles (240 km) west of London, A429 43 miles (69 km) west of Bristol and 42 miles (68 km) east of Swansea. M5 OXFORD Cardiff benefits from excellent road and rail communications with the A449 M40 M4 (Junctions 29,30 and 32) 5 miles (8km) to the north linking Cardiff A419 A34 M25 to Bristol and London to the east. M1 M11 NEWPORT M25 The two busiest railway stations in Wales are Cardiff Central and Queen DIDCOT A429 SWINDON Street serving almost 12.5 million passengers a year. Cardiff Central is a M4 M49 M4 mainline rail station with regular services to Bristol Temple Meads, London M4 A13 Paddington and Birmingham New Street with fastest journey times of M32 M32 A4 LONDON 48 minutes, 2 hours 5 minutes and 2 hours respectively. Cardiff Queen CARDIFF BRISTOL CHIPPENHAM READING Street Station provides regular services throughout Wales. A33 Cardiff Airport is located to the south west and provides access to a M20 M25 A3 M25 number of national and international destinations. Since 2015, Cardiff BATH Airport has seen almost a 50% growth in passenger numbers; in 2017 it handled approximately 1.46 million passengers. Qatar Airways are M3 A21 launching a daily service to the Gulf from May 1st 2018. A303 A22 A361 A31 M23 GLASTONBURY A34 A350 CRAWLEY M5 A3 A303 A23 YEOVIL A303 M27 A26 SOUTHAMPTON A3(M) A37 M27 PORTSMOUTH BRIGHTON ROAD RAIL AIR SWANSEA - 42 MILES BRISTOL TEMPLE MEADS - 48 MINUTES CARDIFF AIRPORT - 12.8 MILES BRISTOL - 43 MILES BIRMINGHAM NEW STREET - 2 HOURS LONDON - 150 MILES LONDON PADDINGTON - 2 HOURS 3 MINUTES THE CITY OF CARDIFF HAS A CATCHMENT POPULATION OF APPROXIMATELY 1.6 MILLION WITHIN A 45 MINUTE DRIVE • CARDIFF IS CONTINUING TO BENEFIT FROM CONSIDERABLE UK GOVERNMENT & WELSH GOVERNMENT INVESTMENT • THE CITY IS HOME TO APPROXIMATELY 80,000 STUDENT ACROSS 3 UNIVERSITIES • CARDIFF IS A TOP 10 PROMIS RETAILING CENTRE. 121-139 QUEEN STREET & PRIME HIGH STREET RETAIL PARADE AND OFFICE INVESTMENT OPPORTUNITY 40 WINDSOR PLACE, CARDIFF CF10 2BJ ANCHORED BY A SAINSBURY’S SUPERMARKET IN A HIGH FOOTFALL LOCATION DEMOGRAPHICS • The total population within the Cardiff primary catchment area is 1,280,000 ranking the City 6th out of the PROMIS centres. • The estimated shopping population is 592,000 ranking the city 8th of the PROMIS centres • Cardiff is expected to grow faster than any other UK City in terms of population • The City is an important tourist destination with more than 18 million people visiting the city each year and contributing an estimated spend of £1.2 billion to the local economy supporting approximately 14,000 jobs in the City. • Large student population within the City with approximately 80,000 students across three universities resulting in a strong retention of students and as such a particularly educated workforce. © Copyright Rightacres Property. CARDIFF REGENERATION AND INVESTMENT Cardiff has been the subject of significant CENTRAL SQUARE – Funded by Legal and General, METRO CENTRAL TRANSPORT HUB – There are plans regeneration and investment in the last decade Central Square will become a new gateway to in place for a £180m Metro Central transport hub to and there are numerous large scale projects Cardiff, situated directly opposite Cardiff Central include new Metro and coach stations, as well as a planned for the near future. station. The £400 million development will provide new bus station which has already been planned. The Cardiff Capital Region City Deal is an circa 885,000 sq ft of office accommodation, agreement between the UK Government, the a new transport hub and retail, commercial ATLANTIC WHARF ARENA – Cardiff Council have Welsh Government and the ten local authorities and residential above. No1 Central Square was announced plans to build a new £110m 15,000 that comprise the Cardiff Capital Region providing completed in Q1 2016 and has achieved rents seater indoor arena helping to attract more events a £1.2 billion investment in Cardiff’s infrastructure of up to £25 psf. to the city and bring hundreds of thousands of through a 20 year investment fund. The main high spending visitors to the city. economic objectives of the deal are to create CENTRAL QUAY – a redevelopment of the Brains 25,000 new jobs and leverage £4 billion in private Brewery site to provide more than 2.5m sq ft of sector investment. development with potential for 1,000 apartments, Some of the major regeneration projects include: 50 bars and restaurants, 1.5m sq ft of new office Central Square, Central Quay, Metro Central space and a 300,000sq ft new university campus. Transport Hub and Atlantic Wharf Area. 121-139 QUEEN STREET & PRIME HIGH STREET RETAIL PARADE AND OFFICE INVESTMENT OPPORTUNITY 40 WINDSOR PLACE, CARDIFF CF10 2BJ ANCHORED BY A SAINSBURY’S SUPERMARKET IN A HIGH FOOTFALL LOCATION RETAILING IN CARDIFF CARDIFF OFFICE OCCUPATIONAL MARKET The core shopping area in Cardiff includes the In respect of convenience food retailing in Cardiff In 2017 take up in Cardiff reached 703,926 sqft, a 3% rise year on year, of which 85% pedestrianised Queen Street, High Street/St Mary city centre the provision is minimal with a Tesco was recorded in the City Centre. This was the highest recorded annual take up for the Street and The Hayes. The three main shopping Metro and Sainsbury’s local on St Mary Street. Cardiff market, boosted by the 260,000 sqft letting to GPU at Central Square. Supply centres in the City include the St David’s Centre, The large format supermarkets within the City Centre has continued to fall and is currently at its lowest level since 2007 with only 1 million Queens Arcade and the Capitol Centre. are limited to an M&S food hall within St David’s sqft available. Prime rents have remained at £25 psf. There is approximately 167,000 The owners of the Capitol Centre are in a pre- Centre, a Tesco Metro (10,593 sq ft) at the Capitol sqft being speculatively developed by JR Smart. These are 3 and 4 Capital Quarter application consultation with the City of Cardiff Centre and the Sainsbury’s at the subject property. which total 77,000 sq ft and 90,000 sq ft respectively. The offices at the subject property Council with a view to a major redevelopment of As a result the eastern end of Queen Street has a provide modern refurbished offices close to public transport and tenant amenity and the Capitol Centre. The Centre is situated directly strong food offer. have consistently let well. opposite the subject property and the plans are to Prime rents in the City are now estimated to be at revive the centre as a mixed use retail and leisure £265 psf Zone A. destination with 100 apartments above. 121-139 QUEEN STREET & PRIME HIGH STREET RETAIL PARADE AND OFFICE INVESTMENT OPPORTUNITY 40 WINDSOR PLACE, CARDIFF CF10 2BJ ANCHORED BY A SAINSBURY’S SUPERMARKET IN A HIGH FOOTFALL LOCATION SITUATION The property is situated on the northern side of the Cardiff Queen Street Station is a short walk (100m) to the pedestrianised Queen Street between Windsor Place and south of the property and sees circa 2.8 million people Dumfries Place (A4161). The main entrance to the Capitol pass through per year. This is in addition to the captive Shopping Centre is situated directly opposite the property. student residences, busy bus stops and 2,476 parking Queen Street is made up of mainly national multiple spaces at this end of Queen Street, which makes this occupiers including O2, JD Sports, River Island, Zara, parade perfectly positioned for discount, fast food and Topshop and Nationwide.