CARDIFF CITY CENTRE – INVESTMENT PROPERTY
Cardiff, Glamorgan
Ref: 95014
Freehold £1,800,000
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Key Features
Precis
The business is noted for its night life and is a popular destination for stag dos, parties etc, and of course, with the rugby stadium located in the city centre, is vibrant on the days of the Internationals. However, it is not reliant purely on this rugby stadium: the City’s football club is now in the top 20 best supported teams in the English league.
Location
The principality’s capital city of Cardiff needs little introduction and has an expanding population of over 1/3 of a million and is a famed city centre, being home of the Principality Stadium, home of Welsh rugby, and used for many sporting and leisure events. Cardiff, due to its capital status, is a major European city with many businesses and commerce located there. It is also recognised for its waterfront: ‘Cardiff Bay’. In addition, it is home to three major universities and has a catchment area with a population which exceeds one million, it being the focal point for all Welsh Valleys, the neighbouring city of Newport, and the lush and rich Vale of Glamorgan.
It is noted for its night life and is a popular destination for stag dos, parties etc, and of course, with the rugby stadium located in the city centre, is vibrant on the days of the Internationals. However, it is not reliant purely on this rugby stadium: the City’s football club is now in the top 20 best supported teams in the English league. The Welsh National Opera House, New Theatre, and ICC Convention Centre are also centrally located, with theatres and live music also attracting many visitors throughout the year.
The subject property is an attractive, three storey building reflecting the Victorian history of Cardiff when the city grew during the late Georgian and Victorian era, due to being the centre of the world’s coal industry. Indeed, the first million-pound cheque was written at the Coal Exchange in Cardiff. It is a substantial sized property, originally the Philharmonic Hall, which extends to over 15,000 sq.ft. It is licensed for 700 and has a 04:00 licence. Whilst it is let to well established corporate clients who, even if they were not to renew their agreement at the end of the term, there would be no shortage of applicants for one of Cardiff’s largest and most prime venues.
As this is a sale of an investment property, a detailed description of the trade areas will not be provided but it does include the following:
It is noted for its night life and is a popular destination for stag dos, parties etc, and of course, with the rugby stadium located in the city centre, is vibrant on the days of the Internationals. However, it is not reliant purely on this rugby stadium: the City’s football club is now in the top 20 best supported teams in the English league. The Welsh National Opera House, New Theatre, and ICC Convention Centre are also centrally located, with theatres and live music also attracting many visitors throughout the year.
The subject property is an attractive, three storey building reflecting the Victorian history of Cardiff when the city grew during the late Georgian and Victorian era, due to being the centre of the world’s coal industry. Indeed, the first million-pound cheque was written at the Coal Exchange in Cardiff. It is a substantial sized property, originally the Philharmonic Hall, which extends to over 15,000 sq.ft. It is licensed for 700 and has a 04:00 licence. Whilst it is let to well established corporate clients who, even if they were not to renew their agreement at the end of the term, there would be no shortage of applicants for one of Cardiff’s largest and most prime venues.
As this is a sale of an investment property, a detailed description of the trade areas will not be provided but it does include the following:
Property
TRADE AREAS
Ground floor trade area – approximately 16m x 23m.
The main entrance has glazed frontage to St. Mary Street. There is a small RECEPTION LOUNGE to the front with its own servery, catering for pavement seating. The business is permitted to have tables and chairs for up to 60 customers.
The main trading area has seating for over 140 customers, with a long BAR SERVERY with rails for dancers.
Large, comprehensively equipped CATERING KITCHEN with open aspect to the trading area.
There is also mezzanine seating for a further 25, with its own bottled bar.
First Floor
At first floor is a feature GALLERY SEATING AREA with booth style seating for 120 customers, and a fully equipped bar with 12 metres of frontage.
Large WASH-UP area and DRY STORE. LADIES’ and GENTLEMEN’S TOILETS.
OFFICE SUITE with four offices, as well as a STAFF/SHOWER ROOM (in the past this has been utilised as accommodation).
Second Floor
On the second floor is further accommodation, currently not in use, but in the past it has been utilised for staff/owners accommodation.
Ground floor trade area – approximately 16m x 23m.
The main entrance has glazed frontage to St. Mary Street. There is a small RECEPTION LOUNGE to the front with its own servery, catering for pavement seating. The business is permitted to have tables and chairs for up to 60 customers.
The main trading area has seating for over 140 customers, with a long BAR SERVERY with rails for dancers.
Large, comprehensively equipped CATERING KITCHEN with open aspect to the trading area.
There is also mezzanine seating for a further 25, with its own bottled bar.
First Floor
At first floor is a feature GALLERY SEATING AREA with booth style seating for 120 customers, and a fully equipped bar with 12 metres of frontage.
Large WASH-UP area and DRY STORE. LADIES’ and GENTLEMEN’S TOILETS.
OFFICE SUITE with four offices, as well as a STAFF/SHOWER ROOM (in the past this has been utilised as accommodation).
Second Floor
On the second floor is further accommodation, currently not in use, but in the past it has been utilised for staff/owners accommodation.
Tenure
FREEHOLD £1,800,000 for this investment premises. The property is not being sold with vacant possession, but as an investment. It is let to, independent corporate multiple operators on the following terms:
TENANT: Jack Murphy Bar & Restaurant Ltd (Coyote Ugly).
TERM: 15 years from 14 October 2021.
LANDLORD & TENANT ACT 1954: This agreement is protected by Part II Landlord & Tenant Act 1954.
ASSIGNABILITY: Fully assignable, subject to Landlord’s consent. Such consent should not be unreasonably withheld.
BOND: Nil.
BREAK CLAUSE: There is a Tenant only break clause in October 2031.
RENT PAYMENT: Quarterly in advance.
RENT: £145,000 + VAT for the 12 months ended October 2025, increasing to £150,000 + VAT for the 12 months ended October 2026.
RENT REVIEW: Subject to rent reviews every fifth year of the term. The next review is 14 October 2016.
REPAIR LIABILITY: Full repairing and insuring agreement. However, it is not put and keep, but keep only, and a schedule of condition was prepared at the commencement of the lease.
INVENTORY: All the trade furniture, fixtures, fittings and effects are owned by the existing Tenant and do not form part of the purchase price.
TIE: The tenant is free of any trade ties.
INSURANCE: The Landlord will insure the building, the cost of which will be charged to the Tenant by way of an Insurance Rent.
VAT: This property is elected for VAT, however, as it will be a transfer of a going concern subject to the existing lease, no VAT will be charged on the selling price. Nonetheless, the new owner will need to be registered for VAT and make their own election to tax.
No direct approach to be made to the business; please direct all communications through Sidney Phillips.
Viewing strictly by appointment only.
TENANT: Jack Murphy Bar & Restaurant Ltd (Coyote Ugly).
TERM: 15 years from 14 October 2021.
LANDLORD & TENANT ACT 1954: This agreement is protected by Part II Landlord & Tenant Act 1954.
ASSIGNABILITY: Fully assignable, subject to Landlord’s consent. Such consent should not be unreasonably withheld.
BOND: Nil.
BREAK CLAUSE: There is a Tenant only break clause in October 2031.
RENT PAYMENT: Quarterly in advance.
RENT: £145,000 + VAT for the 12 months ended October 2025, increasing to £150,000 + VAT for the 12 months ended October 2026.
RENT REVIEW: Subject to rent reviews every fifth year of the term. The next review is 14 October 2016.
REPAIR LIABILITY: Full repairing and insuring agreement. However, it is not put and keep, but keep only, and a schedule of condition was prepared at the commencement of the lease.
INVENTORY: All the trade furniture, fixtures, fittings and effects are owned by the existing Tenant and do not form part of the purchase price.
TIE: The tenant is free of any trade ties.
INSURANCE: The Landlord will insure the building, the cost of which will be charged to the Tenant by way of an Insurance Rent.
VAT: This property is elected for VAT, however, as it will be a transfer of a going concern subject to the existing lease, no VAT will be charged on the selling price. Nonetheless, the new owner will need to be registered for VAT and make their own election to tax.
No direct approach to be made to the business; please direct all communications through Sidney Phillips.
Viewing strictly by appointment only.
Licence
A full Premises Licence is held.
Services
The property has the benefit of all mains services.
Local Authority: City of Cardiff Council.
Rateable Value: £122,500 as at 01 April 2023.
EPC Rating: C
Local Authority: City of Cardiff Council.
Rateable Value: £122,500 as at 01 April 2023.
EPC Rating: C
Enquire about this listing
Robin Mence
Wales
Ref: 95014
