Freehold City Centre Bar/Restaurant and Office Investment
Comprises a Substantial Bar/Restaurant with 4 Newly Refurbished Office Suites
Bar/Restaurant Let to Revolution Bars Ltd until 2042
Approximately 20,323 sq ft (1,887.98 sq m)
Situated in Established City Centre Leisure Pitch
Directly Opposite Cardiff Castle and near the Principality Stadium
Nearby Occupiers include Flight Club, Slug & Lettuce, The Alchemist and Numerous Bars/Clubs
Lot 10
Auction 27th March 2024
Rent £287,000 per Annum Exclusive with 3 Vacant Office Suites
Status Sold Post
Price
Sector Leisure
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 Central Railway Station, Cardiff Queen Street Railway Station
Air
Cardiff Airport
Situation
The property is situated in the heart of the City Centre on Castle Street at its junction with Castle Arcade. Castle Street is regarded as one of the primary destinations for nightlife in Cardiff with nearby occupiers including Flight Club, Slug & Lettuce, The Alchemist and numerous bars/clubs.
Directly opposite the property is Cardiff Castle, which attracts more than 300,000 visitors a year and the Principality Stadium with its 74,500 capacity is 200m south west of the property.
Tenure
Freehold.
Location
Miles
45 miles west of Bristol, 42 miles east of Swansea
Roads
A4161, A48, M4 (Junction 32)
Rail
Cardiff Central Railway Station, Cardiff Queen Street Railway Station
Air
Cardiff Airport
Situation
The property is situated in the heart of the City Centre on Castle Street at its junction with Castle Arcade. Castle Street is regarded as one of the primary destinations for nightlife in Cardiff with nearby occupiers including Flight Club, Slug & Lettuce, The Alchemist and numerous bars/clubs.
Directly opposite the property is Cardiff Castle, which attracts more than 300,000 visitors a year and the Principality Stadium with its 74,500 capacity is 200m south west of the property.
Tenure
Freehold.
Description
The property comprises a bar/restaurant on the ground, basement and first floors with capacity for 1,200 guests and seating capacity for 120 guests. The second floor comprises four recently refurbished self contained office suites that are separately accessed from Castle Street.
The restaurant/bar benefits from a substantial external terrace to the rear and the office suites also benefit from a small roof terrace to the front, facing Cardiff Castle, and two to the rear.
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 bar/restaurant on the ground, basement and first floors with capacity for 1,200 guests and seating capacity for 120 guests. The second floor comprises four recently refurbished self contained office suites that are separately accessed from Castle Street.
The restaurant/bar benefits from a substantial external terrace to the rear and the office suites also benefit from a small roof terrace to the front, facing Cardiff Castle, and two to the rear.
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
Unit
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Unit 1
Ground Basement First
Bar/Restaurant Bar Ancillary
656.16 189.30 342.35
(7,063) (2,038) (3,685)
REVOLUTION BARS LIMITED (CRN:08838980) with a guarantee from INVENTIVE GUARANTEECO LTD (CRN: 08838565) (2)
35 years from 14/12/2007
£250,000
14/12/2027 and 5 yearly (13/12/2042)
Unit 2
First
Bar
319.01
(3,434)
REVOLUTION BARS LIMITED (CRN:08838980) with a guarantee from INVENTIVE GUARANTEECO LTD (CRN: 08838565) (2)
31 years from 01/12/2011
£25,000
14/12/2027 and 5 yearly (13/12/2042)
Office Suite 1
Second
Office
100.16
(1,078)
VACANT POSSESSION
-
-
-
Office Suite 2
Second
Office
122.52
(1,319)
VACANT POSSESSION
-
-
-
Office Suite 3
Second
Office
78.98
(850)
HOLLIS GLOBAL LIMITED (CRN: 13400429)
5 years from 19/07/2019
£12,000
(18/07/2024)
Office Suite 4
Second
Office
79.50
(856)
VACANT POSSESSION
-
-
-
Total Approximate Floor Area
1,887.98
(20,323)
£287,000
(1) The floor areas stated above are those published by the Valuation Office Agency (https://www.gov.uk/find-business-rates) (2) Revolution Bars Limited operate a portfolio of around 90 venues across the UK employing 3,000 people (www.revolutionbarsgroup.com).
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
