Investment Property With Redevelopment Opportunity
On behalf of Cardiff Council. A substantial part let three storey end of terrace building located in the heart of Cardiff Bay in a prominent corner position currently providing an investment opportunity but having superb development potential (subject to all necessary consents). The property is located within a sought-after location within walking distance of Mount Stuart Square, The Millennium Centre, Cardiff Bay Barrage, the shops, bars and eateries at Mermaid Quay as well as the City Centre. Good access is also provided to the A4232 and the M4. The ground and first floors are currently let as office use whilst the second floor is currently vacant. A basement area also provides a useful storage facility. A generous car park is located to the rear of the building which also offers scope for development along with the building itself which measures approximately 4650 sq ft 431.99 sq m (excluding basement). The building currently provides a combined income of £19,432 per annum excluding the vacant second floor offices which when rented would offer scope for income betterment.
Ground Floor at No.70-72 James Street, Cardiff Bay. Currently leased to Space Matters Apartments Ltd
Ground Floor: Side entrance leading to office/reception area, storeroom, inner hallway with access to basement, laundry room, kitchen, w/c, disabled w/c. Self-contained entrance and staircase leading to first floor offices from James Street.
First Floor Offices at 68-72 James Street, Cardiff Bay. Currently leased to Space Matters Apartments Ltd
Large open plan office with archway to meeting room, 2 manager offices, board room, staff room/kitchen, 2 storerooms, male w/c, female w/c.
Lower Ground Floor Basement at 70-72 James Street, Cardiff Bay lease to Space Matters Apartments Ltd
A good-sized storage facility accessed from the inner hallway of the ground floor accommodation.
Ground floor at 68 James Street, Cardiff Bay. Currently leased to Imaginative Property Group Ltd
Front office/reception with stockroom, kitchenette, w/c, disabled w/c, rear lobby area, storeroom. Stairs to lower ground floor basement.
Lower Ground Floor at 68 James Street, Cardiff Bay. Currently leased to Imaginative Property Group Ltd
Two basement rooms providing a good size storage for the unit.
Second Floor at 68-72 James Street, Cardiff Bay. Currently Vacant.
Office, male w/c, female w/c, three interconnecting offices, three further interconnecting offices. Two Store cupboards.
Included in the sale is part of the access lane from James Street to a car park which can provide up to 15 vehicles to park with further development potential subject to all usual consents.
The lower ground floor, ground floor at no.70-72 James Street along with the entire first floor of 68-72 James Street is leased to Space Matters Apartments Ltd on a 5 year lease from 2nd April 2015 at £12,432 per annum. The ground and lower ground floor at no.68 James Street is leased to Imaginative Property Group Ltd on a 4 year lease from 10th June 2016 at £7000 per annum. The entire second floor is currently vacant. Therefore the current combined annual income for the lower ground, ground and first floors of 68-72 James Street is £19,432 per annum.
Tuesday 8th October 10.00 - 10.30 Tuesday 15th October 10.00 - 10.30 Tuesday 22nd October 10.00 - 10.30
Energy Efficiency Rating (EPC)
Current Rating E
Buyer's Premium - 0.3% inc VAT of the purchase price payable on exchange of contracts.
Administration Charge - 0.25% inc VAT of the purchase price, subject to a minimum of £840 inc VAT, payable on exchange of contracts.
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.