Prime reversionary single let investment
Cardiff, which has a population of approximately 346,000, is the capital city of Wales and is located 146 miles west of Central London, 40 miles west of Bristol and 42 miles east of Swansea. Cardiff is the heart of commercial activity in Wales and is the base of the Welsh Government.
Stategically situated in an established industrial location, with easy access to the A48(M) providing direct access to Junctions 29 and 30 of the M4 motorway. Two modern detached insurtrial units of 58,107 sq ft (C1) and 9,087 sq ft (C2). Situated on a site of approximately 3.6 acres with a low site coverage of 38%. Unit C1 benefits from front and rear access together with 10 dock level loading doors. Tenants FRI leases with 5.6 years unexpired. Low passing rents of £200,000 per annum (£3.44 per sq ft) and £40,000 per annum (£4.40 per sq ft), providing excellent rental growth prospects. Secure self contained site with potential to sub-divide. Freehold. We are seeking offers in excess of £2,800,000 (Two Million, Eight Hundred Thousand Pounds) for our client's freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 8.05% and a low capital value of £41.67 per sq ft.
Unit Tenant Size (sq ft) Lease Start Lease Expiry Rent Review Current Rent (pa) C1 Morgard Court Ltd (on assignment from Gardvenus Ltd) 58,107 16/01/2013 15/01/2023 16/01/2018
(£3.44 per sq ft)C2 Morgard Court Ltd (on assignment from Gardvenus Ltd) 9,087 16/01/2013 15/01/2023 16/01/2018
(£4.40 per sq ft)Total 67,194 £240,000
We understand that the property is elected for VAT. It is anticipated that the sale can be treated as a Transfer of Going Concern (ToGC).