60 Queen Street Cardiff CF10 2PX

  • 60 Queen Street<br>Cardiff<br>CF10 2PX

60 Queen Street
Cardiff
CF10 2PX

Freehold Retail Investment

  • 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
    Sold Prior
  • Price
     
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • On Behalf of a Major Fund
Important Update
  • Expand
  • Photos
  • Map

Freehold Retail Investment

  • 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 Sold Prior
  • Price  
  • 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.

Property Documents

  • Brochure
    Updated Date
    13.05.24
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    20.05.24
    File Size
    620 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Jon SkerryJon Skerry +44 (0)20 7034 4863 +44 (0)7736 300 594jon.skerry@acuitus.co.uk
Alexander AuteracAlexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk
Seller's Solicitors
Forsters LLP 31 Hill Street
London
W1J 5LS
+44 (0)20 7486 8511
Victoria Towers +44 (0) 207 863 8462 victoria.towers@forsters.co.uk  Colin Brown 020 7863 8413colin.brown@forsters.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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