Description

St Patrick's House is an exceptionally let, reversionary investment opportunity strategically positioned in Cardiff's vibrant city centre, within 150m of Cardiff Central Station.

A Grade A office building of 51,562 sq ft NIA across basement, ground, and four upper floors with a favourable car parking ratio of 1:650 sq ft. The building is located adjacent to the proposed new Cardiff Crossrail Metro Station, supported by over £100m of combined Welsh and UK Government investment.

In immediate proximity to the 2.5m sq ft Central Quay mixed-use development and the 40-acre Embankment regeneration, the property presents substantial value-enhancing opportunities. The building is fully let to government-owned infrastructure companies, Transport for Wales Rail Ltd and Network Rail Infrastructure Ltd, which are rated 5A2 & 5A1 by Dun & Bradstreet, ensuring exceptional covenant strength. The WAULT stands at 5.42 years to break and 9.87 years to expiry, with marketing rent of £1,227,899 per annum and a low average marketing rent of £23.81 per sq ft.

Positioned at the heart of ongoing regeneration projects like the Cardiff Metro and Central Square, this property is set to benefit from Cardiff's projected office rental growth of 8.49% per annum over 2026-2028, amidst a supply-constrained market with Grade A vacancy at only 2.2%.

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Attributes

Asking price

IDR 304,476,493,000

Building area net

4,765 m²

WAULT to breaks

5.4 years

WAULT to expiries

9.8 years

Media

Investment Highlights

Grade A freehold office building of 51,562 sq ft
Prime location near Cardiff Central Station
Secure income with 5.42-year WAULT to break and 9.87 years to expiry
Current rent of only £23.81/sq ft vs Cardiff prime of £32.00, with strong reversionary potential
Let to government-owned tenants Rated 5A2 & 5A1 by Dun & Bradstreet, low risk
Adjacent to major regeneration projects and £734m South Wales Metro
Cardiff expected 8.49% office rental growth annually (2026-2028)
Offers strong future growth potential and income stability

Proposal

Offers sought in excess of £12,675,000 (Twelve Million Six Hundred and Seventy Five Thousand Pounds), which reflects 9.0% Net Initial Yield, after standard purchaser's costs of 7.62%, subject to contract and exclusive of VAT.