78, Queen Street, Cardiff
Cardiff, CF10 2GR

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Nick Lawley

The Agent

Nick Lawley
Director

02920 346333
Brochure

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Specification

  • INVESTMENT GENERAL, INVESTMENT RETAIL, LICENCED AND LEISURE
  • 5,981 sqft (556 sqm)
  • For sale
  • £2,160,000

Description

Cardiff is a premier retail and leisure destination in the UK with a catchment population of c.1.5 million people and is a top 10 UK retail centre

Very prominent pitch on Queen Street, in close proximity to Next and M&S and the entrance to St David’s Shopping Centre

The property is well established as a fast food and takeaway restaurant for over 30 years and is a very popular daytime and late night takeaway destination in Cardiff city centre

Freehold

Let to Bee World UK Ltd (trading as Jollibee) on a new lease from 25 March 2021 expiring 24 March 2036 (c. 15 years unexpired) subject to a tenant break option in March 2031

Low rent of £144,000 per annum, which was set in March 2021

Tenant has invested significant capital expenditure in the fit out of the property

Jollibee are a global market leader in the fast food industry, with over 1,400 restaurants around the world. They are a fast growing UK restaurant business, with restaurants already open in Leicester Square, Earls Court, Leicester, Leeds, Liverpool, Cardiff and Reading and plans for 50 UK restaurants by 2025

We are instructed to seek offers in excess of £2,160,000 (Two Million, One Hundred and Sixty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield (NIY) of 6.25%, subject to purchaser’s costs of 6.77%

Cooke & Arkwright for themselves and for the vendor/lessor of this property whose agents they are give notice that: 1. These particulars do not constitute any part of an offer or contract. 2. All statements contained in these particulars are made without responsibility on the part of Cooke & Arkwright for the vendor/lessor and nothing contained in these particulars is to be relied upon as a statement or representation of fact. 3. Any intended purchaser/lessor must satisfy itself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor/lessor does not make or give and neither Cooke & Arkwright nor any person in their employment has any authority to make or give any representation/warranty whatsoever in relation to this property or any services. 5. All terms quoted exclusive of VAT unless otherwise stated. 6. Cooke & Arkwright is a trading name of Cooke & Arkwright Limited.

I have worked with Jeremy Symons over the past three years successfully leasing and buying property in support of my business. I continue to be very pleased with his knowledge of the market and expertise. Our relationship over this time has resulted in acquiring 20,000 sq ft at Capital Business Park in Cardiff, leasing 11,000 sq ft at Southpoint, and subsequently leasing an initial 42,000 sq ft at Parc Bedwas, followed by a succession of expansions of a further 11,000 and then 47,000 sq ft, enabling us to centralise all of our operations at Parc Bedwas in a single 100,000 sq ft facility. The acquisitions were completed at the perfect time for tenant purposes and the rent fixed throughout the term at very economical rates. A job well done.

Bob James, Aerfin