Offers in region of
£275,000
(£364.24/sq. ft)
Retail premises for saleAlbany Road, Cardiff CF24
755 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 subject property comprises part of a larger converted mid terrace property and comprises the front of the ground and first floors. The remainder of the property to the rear and over has been converted into a number of self-contained flats, which are under separate ownership.
The property comprises a ground floor lock up retail unit and a self-contained 1 bed flat above. Ground floor – front retail sales area with small store and WC to the rear.
First floor - accessed via internal common parts, accommodation at front first floor level providing a kitchen / diner, shower room and a double bedroom. The property provides the following approximate net internal floor areas:
Ground Floor Retail: C. 36.18 sq m / 390 sq ft
First Floor Flat: C. 33.00 sq m / 355 sq ft
Total Area approx.: C. 69.18 sq m / 745 sq ft
(Interested parties are advised to clarify these areas via an internal inspection)
Energy Performance Certificate
Retail Unit: D Rating – valid until 22 May 2027
First Floor Flat: E Rating – 21 July 2034
Tenure
Virtual Freehold - to be offered for sale on a long leasehold basis - 999 years from 04/12/18 at a peppercorn ground rental.
Tenancies
Ground Floor Retail Unit
Tenant: Infinity Cwmbran Ltd (Trading as Infinity Mist) – they 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
Deposit/Bond: 3 months rental equivalent to £3,600
Repair: Effectively Fri (Tenant to pay fair share of any S/C and Insurance)
A copy of the lease is available to be shared with seriously interested parties
Front First Floor – 1 Bed Flat
Currently tenanted under a standard occupation contract from 29th November 2024 at a passing rental of £625 pcm / £7,500 per annum.
The long leaseholder is able to recover a fair proportion % of the annual building insurance and service charge from the ground floor retail occupier.
Proposal / Offers
Offers are invited in the region of £275,000 - subject to contract. A purchase at this level would reflect an attractive gross yield of c. 7.96%, increasing to 8.07% at the start of year 2 and 8.18% 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 tenancies.
Please note that the vendor may consider selling the ground floor retail unit separately – asking price on this basis would be £167,500 STC and subject to the existing tenancy – 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 subject property comprises part of a larger converted mid terrace property and comprises the front of the ground and first floors. The remainder of the property to the rear and over has been converted into a number of self-contained flats, which are under separate ownership.
The property comprises a ground floor lock up retail unit and a self-contained 1 bed flat above. Ground floor – front retail sales area with small store and WC to the rear.
First floor - accessed via internal common parts, accommodation at front first floor level providing a kitchen / diner, shower room and a double bedroom. The property provides the following approximate net internal floor areas:
Ground Floor Retail: C. 36.18 sq m / 390 sq ft
First Floor Flat: C. 33.00 sq m / 355 sq ft
Total Area approx.: C. 69.18 sq m / 745 sq ft
(Interested parties are advised to clarify these areas via an internal inspection)
Energy Performance Certificate
Retail Unit: D Rating – valid until 22 May 2027
First Floor Flat: E Rating – 21 July 2034
Tenure
Virtual Freehold - to be offered for sale on a long leasehold basis - 999 years from 04/12/18 at a peppercorn ground rental.
Tenancies
Ground Floor Retail Unit
Tenant: Infinity Cwmbran Ltd (Trading as Infinity Mist) – they 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
Deposit/Bond: 3 months rental equivalent to £3,600
Repair: Effectively Fri (Tenant to pay fair share of any S/C and Insurance)
A copy of the lease is available to be shared with seriously interested parties
Front First Floor – 1 Bed Flat
Currently tenanted under a standard occupation contract from 29th November 2024 at a passing rental of £625 pcm / £7,500 per annum.
The long leaseholder is able to recover a fair proportion % of the annual building insurance and service charge from the ground floor retail occupier.
Proposal / Offers
Offers are invited in the region of £275,000 - subject to contract. A purchase at this level would reflect an attractive gross yield of c. 7.96%, increasing to 8.07% at the start of year 2 and 8.18% 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 tenancies.
Please note that the vendor may consider selling the ground floor retail unit separately – asking price on this basis would be £167,500 STC and subject to the existing tenancy – 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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£1,375 per month
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