BBC Hoddinott Concert Hall & Offices, Wales Millennium Centre_Property for Sale

Bute Place, Cardiff, South Glamorgan, CF10 5AL, UK

BBC Hoddinott Concert Hall & Offices, Wales Millennium Centre

Asset description

ICONIC LANDMARK INVESTMENT OPPORTUNITY

The property forms Phase 2 of the iconic Wales Millennium Centre and comprises the Hoddinott Hall, the Grace Williams Studio and self contained office block completed in 2009 and totalling 59,114 sq ft (5,492 sq m). The ground floor of the property also benefits from an under-croft loading area and car parking facilities.

Hoddinott Hall

A world class orchestral and chorus concert hall named after the celebrated welsh composer, Alun Hoddinott. The hall is a mission critical facility and home to the BBC National Orchestra of Wales and Chorus of Wales.

The hall totals 43,000 sq ft (3,995 sq m) and seats up to 350 people who attend a variety of classical musical performances. The sustainable, sound reflective hardwood creates a warm, immersive and generous acoustic, whilst the moveable walls create energy efficient zones which are made unique to each user.

Grace Williams Studio

The Hoddinott Hall also includes a state-of-the-art recording studio, known as the Grace Williams Studio which can hold up to 60 people for educational workshops and rehearsals.

Office Accommodation

The office space totals 16,114 sq ft (1,497 sq m) of Grade A accommodation over ground, first, second and third floors.

...

Attributes

Asking Price

€24,403,000

Building area Net

5,492 sm

Occupancy

100.00%

Year built

2009

Cap Rate

7.39%

NOI

€1,942,000

Media

Investment highlights

The property forms part of the landmark centrepiece and focal point of Cardiff Bay
Comprising Phase 2 of the iconic Wales Millennium Centre, including the ‘world-class’ Hoddinott Concert Hall, the Grace Williams Recording Studio and self-contained office block
Totalling 59,114 sq ft (5,492 sq m) over ground and three upper floors
Long leasehold tenure with an unexpired term of 972 years
Hoddinott Hall is a mission critical facility and home to the BBC National Orchestra of Wales and Chorus of Wales, since opening in 2009
The Concert Hall totals 43,000 sq ft (3,995 sq m) and seats up to 350 people
The office space totals 16,114 sq ft (1,497 sq m) of Grade A accommodation
Multi let to the BBC, Wales Millennium Centre and The Arts Council of Wales
Net rental income of £1,671,018 per annum, reflecting £28.27 per sq ft on an overall basis
Reflecting a WAULT of 9.3 years to expiry and 9 years to break
85% of the income is let to the undoubted covenant of the BBC for 10 years
93% of the income is subject to annual uncapped RPI rent reviews
We are instructed to seek offers in excess of £21,000,000 (Twenty-Five Million, Seven Hundred & Sixty Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level would reflect a Net Initial Yield of 7.39%, assuming purchaser’s costs of 7.70% and a capital value of £355 per sq ft.