3 & 4 Callaghan Square, Cardiff

3 & 4 Callaghan Square, Cardiff, South Glamorgan, CF10 5BT, UK

Asset Description

A PRIME REPOSITIONING OPPORTUNITY IN THE HEART OF CARDIFF CITY CENTRE

3 Callaghan Square is a detached, multi-let, Grade A, office building developed in 2008. The building extends to 42,253 sq ft NIA over ground and six upper floors. Reception, plant rooms, car parking and end of journey facilities are located at ground floor level, with office floors above. The reception and main entrance to 3 Callaghan Square are directly opposite Cardiff Central Station, fronting Penarth Road, with vehicular access to the ground floor level car park, cycle store and external car park from West Canal Wharf, to the rear.

4 Callaghan Square is a detached, Grade A, office building developed in 2008. The building extends to 68,980 sq ft NIA over ground and five upper floors. The floor plates range between 13,025 and 14,077 sq ft and have flexibility to be subdivided in a variety of configurations. The reception and main entrance to 4 Callaghan Square are directly opposite Cardiff Central Station fronting Penarth Road, with vehicular access to the ground floor level car park and external car park from West Canal Wharf. The building has a further entrance reception to the eastern elevation and the location of the two main service cores and fire escape stairwells provide flexibility to split 4 Callaghan Square vertically into two self-contained units. The 1st and 2nd floors are currently occupied by GB Gas Holdings Limited (t/a British Gas) and are fully fitted out. The remaining office floors have been stripped back to a shell specification, with raised floors and have been removed from the rating list.

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Attributes

Number of buildings

Tenants

Building area gross

10,334 m²

Total Annual Rent

THB 49,065,393.70

Asking price

THB 585,231,000

Media

Investment Highlights

A unique opportunity to acquire a prime repositioning opportunity in the heart of Cardiff City Centre
Cardiff is the powerhouse of the Welsh economy and the closest European capital to London. It has a coveted status as one of the UK’s core cities.
Directly opposite Cardiff Central Station, which is earmarked for a substantial upgrade, and the proposed new Metro Crossrail Station.
111,233 sq ft set across 2 buildings.
Grade A office buildings providing open plan, flexible floor plates with 74 car parking spaces reflecting an excellent average car parking ratio of 1:1,503 sq ft.
The total passing rent is £1,119,257 reflecting a low average rent of £20.41 per sq ft on the let space.
3 Callaghan Square, totalling 42,253 sq ft NIA, is let to strong covenants including Grant Thornton, Zurich Insurance, JLL and British Transport Police Authority, with a WAULT of 4.9 years to lease expiries and 3.5 years to break options.
4 Callaghan Square, totalling 69,980 sq ft NIA, presents a compelling repositioning opportunity to create a best-in-class office by capturing Cardiff’s rising rental market by addressing the city’s shortage of Grade A space.
98% of the income is to tenants who are considered ‘low risk’ by Dun & Bradstreet.
Significant asset management opportunities to increase the rental tone, enhance the income profile and extend the WAULT.
The property is held freehold.

Offers sought for both buildings in excess of £13,350,000 (Thirteen Million, Three-Hundred and Fifty Thousand pounds), subject to contract and exclusive of VAT. This reflects a low overall capital value of £120 per sq ft.