Fixed price
£167,500
(£429.49/sq. ft)
Retail premises for saleAlbany Road, Cardiff CF24
390 sq. ft
About this property
Location
The property occupies an excellent trading location on Albany Road in the highly populated suburb of Roath, approximately 1 mile north east of Cardiff City Centre. Albany Road/Wellfield Road is the largest district centre in Cardiff in terms of the number of commercial units.
The property is opposite numerous multiple retailers including Card Factory, British Heart Foundation, Home Bargains, Ramsdens, Greggs, Iceland & Tesco Express.
Description
The unit comprises a ground floor lock up retail unit and has the following approximate net internal floor areas:
Gf Front Sales c. 29.18 sq m / 314 sq ft
gf Ancillary/storage c. 4.86 sq m / 52 sq ft
Staff WC c. 2.14 sq m/ 23 sq ft
(Interested parties are advised to clarify these areas via an internal inspection)
The upper floors and rear of ground floor consist of flats which have all been sold off on long leases
Epc
D Rating – valid until 22 May 2027
Tenure
999-years from 04/12/18 at a peppercorn ground rental.
Tenure
Virtual Freehold - to be offered for sale on a long leasehold at a peppercorn ground rental.
Tenancy Summary
Ground Floor Retail Unit
Tenant: Infinity Cwmbran Ltd (Trading as Infinity Mist) - who have several stores trading across South Wales and the South West, with the limited company established in 2018.
Lease Term: 6 years from 6th November 2025 subject to a 3rd year tenant only break option
Stepped Rent:
Year 1: £14,400 per annum exclusive
Year 2: £14,700 per annum exclusive
Year 3: £15,000 per annum exclusive
Rent Review at the end of year 3
Deposit/Bond: 3 months rental equivalent to £3,600
Repair: Effectively Fri (Tenant to pay fair share of any S/C and Building Insurance)
A copy of the lease is available to be shared with seriously interested parties
Proposal / Offers
Offers are invited in the region of £167,500 - subject to contract. A purchase at this level would reflect an attractive gross initial yield of c. 8.60%, increasing to 8.78% at the start of year 2 and 8.95% at the start of year 3.
The property is not currently registered for VAT.
Any sale of the property will be subject to the existing tenancy.
At this purchase price, it is anticipated that there would be no Land Transaction Tax payable and no VAT, making this a very attractive small lot size investment opportunity.
Our client also owns one of the 1 bed flats on the upper floors (the subject flat is located directly above the shop unit) and would consider selling the retail unit & flat together – asking price on this basis would be £275,000 STC and subject to the existing tenancies – more details available upon request.
Legal Costs
Each party is to be responsible for their own legal and professional costs incurred in this transaction.
Anti-Money Laundering (aml) Regulations
The Purchaser will be required to satisfy the Vendor and their agents regarding the source of the funds used to complete the transaction plus providing identification upon request.
The property occupies an excellent trading location on Albany Road in the highly populated suburb of Roath, approximately 1 mile north east of Cardiff City Centre. Albany Road/Wellfield Road is the largest district centre in Cardiff in terms of the number of commercial units.
The property is opposite numerous multiple retailers including Card Factory, British Heart Foundation, Home Bargains, Ramsdens, Greggs, Iceland & Tesco Express.
Description
The unit comprises a ground floor lock up retail unit and has the following approximate net internal floor areas:
Gf Front Sales c. 29.18 sq m / 314 sq ft
gf Ancillary/storage c. 4.86 sq m / 52 sq ft
Staff WC c. 2.14 sq m/ 23 sq ft
(Interested parties are advised to clarify these areas via an internal inspection)
The upper floors and rear of ground floor consist of flats which have all been sold off on long leases
Epc
D Rating – valid until 22 May 2027
Tenure
999-years from 04/12/18 at a peppercorn ground rental.
Tenure
Virtual Freehold - to be offered for sale on a long leasehold at a peppercorn ground rental.
Tenancy Summary
Ground Floor Retail Unit
Tenant: Infinity Cwmbran Ltd (Trading as Infinity Mist) - who have several stores trading across South Wales and the South West, with the limited company established in 2018.
Lease Term: 6 years from 6th November 2025 subject to a 3rd year tenant only break option
Stepped Rent:
Year 1: £14,400 per annum exclusive
Year 2: £14,700 per annum exclusive
Year 3: £15,000 per annum exclusive
Rent Review at the end of year 3
Deposit/Bond: 3 months rental equivalent to £3,600
Repair: Effectively Fri (Tenant to pay fair share of any S/C and Building Insurance)
A copy of the lease is available to be shared with seriously interested parties
Proposal / Offers
Offers are invited in the region of £167,500 - subject to contract. A purchase at this level would reflect an attractive gross initial yield of c. 8.60%, increasing to 8.78% at the start of year 2 and 8.95% at the start of year 3.
The property is not currently registered for VAT.
Any sale of the property will be subject to the existing tenancy.
At this purchase price, it is anticipated that there would be no Land Transaction Tax payable and no VAT, making this a very attractive small lot size investment opportunity.
Our client also owns one of the 1 bed flats on the upper floors (the subject flat is located directly above the shop unit) and would consider selling the retail unit & flat together – asking price on this basis would be £275,000 STC and subject to the existing tenancies – more details available upon request.
Legal Costs
Each party is to be responsible for their own legal and professional costs incurred in this transaction.
Anti-Money Laundering (aml) Regulations
The Purchaser will be required to satisfy the Vendor and their agents regarding the source of the funds used to complete the transaction plus providing identification upon request.
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