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THE MOORWELL 88 Windsor Road, , CF64 1LJ

Well let Leisure and Residential Ground Rent Investment The Moorwell 88 Windsor Road, Penarth, CF64 1LJ 2

EXECUTIVE SUMMARY • Prominent fully refurbished and extended mixed-use development comprising of ground floor gymnasium and 12 premium quality apartments on the upper floors. • Located in a prominent position on Windsor Road in the affluent Victorian town of Penarth. • Penarth is approximately 3.5 miles to the south of city centre. • Ground floor is let to Anytime fitness. • Annual passing rent of £83,050 per annum. • A ground rent will be payable by the owners of the apartments based on a percentage of 0.1% of the sale of the flats. Based on the current asking prices this would generate a ground rent of £4,076 pa. • Freehold • We are instructed to seek offers in excess of £1,100,000 (One Million One Hundred Thousand Pounds). • This represents an attractive Net Initial Yield of 7.48%, after deducting standard purchaser’s costs of 5.84%. • This reflects a low capital value of only £146 per sq ft. The Moorwell 88 Windsor Road, Penarth, CF64 1LJ 3

LOCATION SITUATION The property is located in Penarth the , approximately 3.5 Penarth town centre offers a mixture of convenience, service and food and drink retail as well as high quality miles to the south west of adjoining the southern shore of regional restaurants and bars, which are supported by the affluent demographic of Penarth. . The property is situated in a prominent position on Windsor Road, which is the main thoroughfare through Historically the town was a major tourist destination given its picturesque town centre and links Penarth with Cardiff and the via the A4232. The property is located in setting overlooking the Severn Estuary. The town benefits from a traditional close proximity to the town centre’s main retail and leisure amenities, with nearby occupiers including Boots, seafront and pier as well as a vibrant town centre. The town remains a popular Sainsbury’s Local, Barclays Bank and Bar 44. Furthermore, Dingle Road Railway Station is immediately to tourist destination as well as a desirable place to live and work given its the rear of the property accessed via a footbridge to the north-west, which provides a regular rail service to amenities, architectural features and its proximity to Cardiff City centre. Cardiff Central Railway Station. The town demographic is predominantly commuters working in the region but also has a significant retiree community. Penarth has a population of 27,226 persons (census 2011). Penarth is easily accessible from Junction 33 of the M4 via the A4232 dual carriageway and the A4055. The Cardiff International Airport is 11 miles to the West. Penarth is situated on the Vale of Glamorgan railway line, which provides a direct link to Cardiff Central (shortest journey time of 17 minutes) and Cardiff International Airport (shortest journey time of 20 minutes).

For reference purposes only For reference purposes only The Moorwell 88 Windsor Road, Penarth, CF64 1LJ 4

DESCRIPTION The property is a detached, four-storey, former garage and car showroom which has been extensively remodelled, refurbished and extended to create a ground floor gymnasium extending to 7,534 sq. ft and 12 premium quality, residential apartments on the upper floors. The original building comprises a mix of steel and concrete frame constructions, with elevations of blockwork and masonry, while retaining the glazed Art Deco Façade. The property has been extended using steel framework, cavity insulated blockwork and rendered finishes. Internally the property benefits high quality finishes and services, with the gymnasium benefiting from a specification including plastered and painted walls and ceilings, a mix of carpeted, ceramic and linoleum floor finishes, LED lighting and male, female and disabled WC’s and changing room facilities. The 12 apartments are located on the first, second and third floors and are served by a dedicated ground floor entrance with a 6 person passenger lift to each floor. The apartments have been finished to an excellent standard and comprise a mix of 1 & 2 bed apartments and duplexes, including a spectacular third floor penthouse apartment with two roof terraces. The apartments also benefits from a courtyard garden with artificial grass, as well as a secure undercroft car park providing 13 spaces. The total site area is approximately 0.28 acres (0.11 hectares) The Moorwell 88 Windsor Road, Penarth, CF64 1LJ 5

TENANCY The ground floor is Let to Fox & Shannon Limited t/a Anytime Fitness on a new 15 year FRI lease from 1st August 2020 at a passing rent of £83,050 per annum (£11.02 per sq ft) subject to 5 yearly upward only rent reviews. The rent commencement date is 1st December 2021. The lease also contains a tenants break option on 29 January 2030, subject to 6 months prior written notice. A ground rent (250 year leases) will be payable to the freeholder based on a percentage of 0.1% of the sale price of each of the apartments, with 10 year reviews linked to RPI. Based on the current asking prices this would generate an annual ground rent of £4,076 pa. We have thus assumed a combined annual passing rent of £87,126 per annum.

MANAGEMENT A Service Charge will be payable by each apartment. Further details available on application. TENURE Freehold

For reference purposes only The Moorwell 88 Windsor Road, Penarth, CF64 1LJ 6

EPC CONTACT An EPC is available on request. For further information please contact:

VAT Ross Griffin The property is elected for VAT [email protected] and as such we anticipate the 02920 368 961 transaction can be treated as Sam Middlemiss a TOGC (Transfer of a Going [email protected] Concern). 02920 368 963 Gary Carver PROPOSAL [email protected] 02920 368 963 We are instructed to seek offers in excess of £1,100,000 (One Savills Cardiff Office Million One Hundred Thousand 2 Kingsway, Pounds), which represents an Cardiff CF10 3FD attractive Net Initial Yield of 7.48%, after deducting standard purchaser’s costs of 5.84%.

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 | February 2021