Let to TUI UK Retail on a new lease until June 2029 (subject to option)
Ground and First floor retail areas with basement ancillary
Rebased Rent, previously £162,500 pa
Approximate floor area of 311.46 sq m (3,351 sq ft)
Prime position on Cardiff's Queen Street
Adjacent to main entrance of the St David's Shopping Centre
Nearby occupiers include M&S, HSBC, Sports Direct, Primark, Next, Burger Kings and Greggs
Lot 10
Auction 9th May 2024
Rent £80,000 per Annum Exclusive
Status Available
Guide* £790,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
Property Information
Location
Miles
45 miles west of Bristol, 42 miles east of Swansea
Roads
A4161, A48, M4 (Junction 32)
Rail
Cardiff Queen Street, Cardiff Central Railway Station
Air
Cardiff Airport
Situation
The property is prominently situated in the heart of Cardiff's prime retail pitch, on the south side of the vibrant pedestrianised Queen Street. The property is located adjacent to the main entrance of the St David's Shopping Centre as well as being in close proximity to the Capitol Centre, Queens Arcade shopping centres and 250 metres from Cardiff Castle. Nearby occupiers include M&S, John Lewis, HSBC, Sports Direct, Primark, Next, Burger Kings, Greggs and numerous national retailers.
Tenure
Freehold.
Location
Miles
45 miles west of Bristol, 42 miles east of Swansea
Roads
A4161, A48, M4 (Junction 32)
Rail
Cardiff Queen Street, Cardiff Central Railway Station
Air
Cardiff Airport
Situation
The property is prominently situated in the heart of Cardiff's prime retail pitch, on the south side of the vibrant pedestrianised Queen Street. The property is located adjacent to the main entrance of the St David's Shopping Centre as well as being in close proximity to the Capitol Centre, Queens Arcade shopping centres and 250 metres from Cardiff Castle. Nearby occupiers include M&S, John Lewis, HSBC, Sports Direct, Primark, Next, Burger Kings, Greggs and numerous national retailers.
Tenure
Freehold.
Description
The property comprises a shop providing ground floor retail and first floor office and ancillary accommodation with further ancillary accommodation in the basement and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a shop providing ground floor retail and first floor office and ancillary accommodation with further ancillary accommodation in the basement and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Ground Lower Ground First Second
Retail Ancillary Office/Ancillary Ancillary
122.39 57.57 131.50 -
(1,317) (619) (1,415) -
TUI UK RETAIL LIMITED t/a TUI (1)
5 years from 14/06/2024 (2)(3)
£80,000 (4)
Total
311.46
(3,351) (5)
£80,000
(1) TUI UK Retail Limited are one of the largest UK holiday companies that have been established since 1923 and currently trade from over 300 stores across the UK (www.tui.co.uk). For the year ending 30/09/2022 TUI UK Retail Limited reported a Turnover of £123,000,000, a Pre-Tax Profit of negative £11,000,000 and a Net Worth of negative £57,000,000. (2) The property is currently let to Telefonica UK Ltd for a term of 10 years from 14/06/2014 until 13/06/2024 at a rent of £162,500 pa. TUI UK Retail Ltd are currently in occupation by way of a sublease and have signed a reversionary lease from 14/06/2024 for a term of 5 years. Please see the legal pack for full details. (3) The reversionary lease provides for a tenant option to determine the lease on 14/06/2027 upon serving 6 months written notice. Should the tenant exercise their break, they will incur a penalty of £48,000 payable to the Landlord. (4) The reversionary lease provides for a 9 months rent free period from 14/06/2024. The Seller will 'top-up' the rent from the completion of the sale until the end of the rent free period. (5) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
