Entirely let to Toys ‘R’ Us Properties (UK) Limited until 2256 (no break)
Located within Cardiff International Sports Village, one of the largest regeneration projects currently in the UK
Five yearly fixed rental increases to higher of 2.5% compounded annually or RPI
Nearby occupiers include Morrisons, Cardiff Ice Arena and Cardiff International Pool
Substantial on-site car parking
Rent rising to a minimum of £70,405 in 2016
Eight Week Completion Period Available
Lot 11
Auction 21st March 2013
Rent £65,076 per Annum Exclusive
Status Withdrawn Post
Price
Sector Ground Rent
Auction Venue The Dorchester Hotel Park Lane Entrance Mayfair London W1K 1QA
Property Information
Location
Miles
1.5 miles south west of Cardiff Bay, 3 miles south of Cardiff City Centre
Roads
A48, A4232, M4 (Junctions 32/33)
Rail
Cogan Rail, Cardiff Bay Rail
Air
Cardiff International Airport
Situation
The property is situated in a prominent location on the western side of Olympian Drive within Cardiff International Sports Village, one of the largest regeneration projects currently in the UK located approximately 3 miles south of Cardiff city centre. Nearby occupiers include Morrisons, Cardiff Ice Arena and Cardiff International Swimming Pool, and Cardiff Whitewater Canoeing and Kayaking Centre.
Upon completion, the Sports Village will also have an indoor snow centre and a hotel. See www.internationalsportsvillage.com for more details.
Tenure
Long Leasehold. Held from The County Council of the City and County of Cardiff for a term of 250 years from and including 19 April 2006 until 2256 at a peppercorn rent.
Location
Miles
1.5 miles south west of Cardiff Bay, 3 miles south of Cardiff City Centre
Roads
A48, A4232, M4 (Junctions 32/33)
Rail
Cogan Rail, Cardiff Bay Rail
Air
Cardiff International Airport
Situation
The property is situated in a prominent location on the western side of Olympian Drive within Cardiff International Sports Village, one of the largest regeneration projects currently in the UK located approximately 3 miles south of Cardiff city centre. Nearby occupiers include Morrisons, Cardiff Ice Arena and Cardiff International Swimming Pool, and Cardiff Whitewater Canoeing and Kayaking Centre.
Upon completion, the Sports Village will also have an indoor snow centre and a hotel. See www.internationalsportsvillage.com for more details.
Tenure
Long Leasehold. Held from The County Council of the City and County of Cardiff for a term of 250 years from and including 19 April 2006 until 2256 at a peppercorn rent.
Description
The property comprises a site of approximately 1.75 hectares (4.32 acres), upon which has been erected a single storey retail warehouse unit of approximately 3,446.95 sq m (37,103 sq ft) and substantial on-site car parking.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a site of approximately 1.75 hectares (4.32 acres), upon which has been erected a single storey retail warehouse unit of approximately 3,446.95 sq m (37,103 sq ft) and substantial on-site car parking.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Retail Warehouse
3,446.95 sq m
(37,103 sq ft)
TOYS ‘R’ US PROPERTIES (UK) LIMITED (1)
250 years from 19/04/2006 until 15/04/2256
£65,076
19/04/2016 and five yearly thereafter (2)
Totals
3,446.95 sq m
(37,103 sq ft)
£65,076 rising to a minimum of £70,405 p.a.x. in 2016 (2)
(1) The property is sublet to Toys ‘R’ Us Limited for a term of 30 years from 8th February 2007 at a rent of £734,550 p.a.x. Both Toys ‘R’ Us Properties (UK) Limited and the subtenant, Toys ‘R’ Us Limited are subsidiary companies of Toys ‘R’ Us Holdings Limited. For the year ending 28th January 2012, Toys ‘R’ Us Holdings Limited reported a turnover of £476,314,000, pre-tax profits of £11,435,000 and a total net worth of £192,730,000. (Source: www.riskdisk.com 15/02/2013) (2)The rent is reviewed five yearly to the higher of 2.5% compounded annually or the increase in the Retail Price Index from the beginning of the term until the month of the rent review date, whichever is greater. The rent will therefore rise to a minimum of £70,405 p.a.x. in 2016 and £79,656 p.a.x. in 2021.
