The 53,536 sq ft property was developed in 2009 and provides a modern Grade A office building which is arranged over seven floors with undercroft car parking. The building is rectangular in shape and benefits from a main service core containing a principal stairwell, two thirteen person lifts and male, female and disabled WC on each floor.
The building benefits from flexible, 1,000 sq ft to 9,565 sq ft floorplates which, allow for the creation of 1,000 sq ft to 4,000 sq ft suites. This aligns with the average deal size for the city over the 24 months to October 2023.
- A unique opportunity located in the prime office core of the capital city of Wales.
- 5 Callaghan Square is a modern, multi-tenanted office building situated in the heart of Cardiff city centre.
- Impressive roster of global office occupiers including HSBC, Barclays, Deloitte and AECOM.
- 100% of the income is from tenants rated ‘A’ by CreditSafe.
- Modern Grade A office building totalling 53,536 sq ft arranged over seven floors.
- Flexible floor plates lend themselves to the market average deal size of 3,000 sq ft to 4,000 sq ft.
- Three unoccupied suites are currently under offer. These will set a new headline rent of £26.00 psf.
- Multi-let to nine tenants providing a total income of £1,152,287 pa (topped up), equating to a low average passing rent of £21.90 psf with an additional £18,550 pa from parking spaces.
- Prime rents in Cardiff are now achieving £25.00 psf with potential to reach £30.00 psf by the end of 2023.
- WAULT of 3.9 years to expiry and 2.0 years to break.
- 31 parking spaces reflecting an exceptional city centre ratio of 1:1,697 sq ft.
We are instructed to seek offers in excess of £10,000,000 (Ten Million Pounds) subject to contract and exclusive of VAT. Reflecting a Net Initial Yield of 10.71% and a low Capital Value of £187 psf, assuming purchaser's costs of 7.58%