Ocean Park House, East Tyndall Street, Cardiff, CF24 5ET

Description
The property comprises a four storey building constructed in the early 1960’s and was formerly occupied by Littlewoods Pools. There is a ground floor reception accommodating lift and stairs to all floors. The central wing provides mainly open plan accommodation with the east and west wings a mix of open plan and more cellular accommodation. The ground floor benefits from a large cafe/breakout area.

The building benefits from 220 parking spaces which equates to an excellent parking ratio of 1:223 sq.ft. The whole of the site extends to approximately 2.06 acres.

Location
Ocean Park House is situated adjacent to the popular Ocean Park development, Cardiff’s premier mixed use business location. It’s ideally located being a short distance from Cardiff city centre. The property is easily accessible by car, located immediately on East Tyndall Street providing easy
links to the city’s road network, and a short distance from the A4232 which links directly into Cardiff Bay and J33 of the M4. Junctions 29 and 30 of the M4 Motorway to the east are easily accessed via Newport Road and the A48.

Price
We are instructed to seek offers in excess of £5,000,000 (Five Million Pounds) subject to contract and exclusive of VAT.

A purchase at this level would reflect a low capital value of £102 per sq ft.

Tenancy
The property is let to Associated Community Training Ltd (now owned by Cardiff and Vale College) for a term of 20 years from 10 August 2012, expiring 9 August 2032, at a rent of £425,000 per annum (£8.66 ft2). The lease contains 5 yearly upwards only rent reviews and a tenant
break option on 31 July 2027.

The property is let on FRI lease terms subject to schedule of condition.

Income analytics give them a score of 95 out of 100 and an equivalent Bond rating of A- and D and B give a rating of 2A1. Their sale revenue last financial year was just over £47 million with a profit of £3.6 million before taxes.