Ty Meridian, Malthouse Avenue, Cardiff_Property for Sale

Malthouse Avenue, Cardiff CF23 8GL

Ty Meridian, Malthouse Avenue, Cardiff

Asset description

Ty Meridian is a bespoke office building with very efficient floor plates, developed in early 2000, benefitting from a secure fenced and gated site and being strategically located on Cardiff’s premier business park. The property, extending to a total of 49,937 sq ft has two large floor plates with a central core providing a designated reception, break-out areas, central stairwell and 2 lifts.

The fit-out is predominantly open plan, benefitting from a large ground floor staff canteen with a commercial kitchen area, secure and environmentally controlled comms room, designated break out areas, meeting rooms and training rooms etc.

There is a large internal plant room located to the rear of the building, which houses the main boilers and HVAC air handling systems. An external compound houses the air conditioning chiller plant.

Solar photovoltaic panels are mounted on the south facing roof of the property. The tenant benefits from the power generated.

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Attributes

Building area net

4,639 sm

Occupancy

100%

WAULT

15 years

Asking price

¥1,189,483,000

Media

Investment highlights

Single let secure income office investment
Prime out of town commercial location
Located at J30 of the M4 Motorway
Immediate surrounding occupiers include SSE, Redrow, Royal College of Nursing, Vinci Construction and International Baccalaureate
Modern open plan office building totalling 49,937 sq ft (4,639 sq m) NIA over ground and first floors
Benefits from 191 car parking spaces (1:260 sq ft)
Approximate site area of 2 acres (0.80 hectares)
Single let to Creditsafe Business Solutions Ltd for a term of 15 years from 3 February 2025
Strong covenant reflecting a D&B rating of 4A1 and minimum risk of business failure
Unexpired term of 10 years to break and 15 years to expiry
Current passing rent of £675,000 per annum equating to only £13.52 per sq ft overall
EPC B48
Freehold

We are instructed to seek offers in the region of £6,280,000 (six million two hundred and eighty thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 10.00% and a capital value of £125.76 per sq ft, assuming standard purchaser's cost of 7.45%.