Cardiff is situated 150 miles to the west of London and 40 miles to the west of Bristol. It benefits from excellent transport links, both from the M4 motorway (Junctions 29- 33) and a mainline rail destination with intercity journey times to London and Birmingham of 2 hours, as well as local rail links throughout South Wales. Cardiff Airport is located west of the city and provides direct access to numerous international destinations, which has recently expanded with the addition of a new carrier (Qatar Airways) in 2018.
Cardiff is the administrative centre for the Welsh Government and home to the internationally recognised Principality (Millennium) Stadium and Wales Millennium Centre.
The city has a resident population of approximately 358,500, which is swelled by over 80,000 full-time students from the citys expanding higher education sector. A further catchment population in excess of 1.5 million is situated within a 45-minute travel time from the city centre.
Through the Cardiff Master Plan, both Cardiff City Council and Welsh Government are committed to further improving the infrastructure and economic profile of both Cardiff and its City Region, to consolidate it as one of the most important regional centres in the UK for occupiers and investors alike.
Cardiff is expected to grow faster than any other UK city in population terms, 26% over the next 20 years. It is currently ranked the 6th best shopping destination in the UK, following the completion of the St Davids Shopping Centre and the largest John Lewis store outside of central London.
Cardiff is also consistently ranked top in UK quality of life indices including Moneysupermarket.coms 2014 index, the recent EU Urban Audit, and Legal & Generals best city for young people survey. It was also voted the 3rd best capital city in Europe to live in, following a recent EU survey in 2017.
The public sector is driving forward on the £1.28bn city deal for boosting the economy of the Cardiff Capital Region which combines 10 local authorities surrounding and supporting the city. The Cardiff Capital Region has a Gross Value Added (GVA) of approximately £25 billion, accounting for 51% of the Welsh Economy.
Employment within the city is centred on the retail, finance, media and tourism sectors. Major occupiers within the city include Deloitte, Eversheds, L&G, KPMG, PWC, Lloyds Banking Group, Cardiff Council, Welsh Government and, shortly, the BBC.
The city is renowned for hosting some of the worlds most prestigious sporting events such as the UEFA Champions League Final, World & European Rugby Cup Finals, Ashes Cricket Tests and assisting in the hosting of the 2012 Olympic Games.
For further information please see the marketing particulars.
Ty Admiral is a highly specified landmark office building in the heart of central Cardiff with a BREEAM rating of Excellent. The fourteen storey building was completed in November 2014 as a design and build for Admiral Group Plc's new corporate headquarters.
The building comprises two levels of basement car parking, two ground floor double height retail units, a third retail unit, office and reception areas, a mezzanine level plus 11 upper floors of office accommodation. The office space benefits from small atria features incorporated on alternating floors on the north and south elevations.
The building provides a total floor area of approximately 206,833 sq ft with offices accounting for around 202,971 sq ft and the retail 3,862 sq ft. The office floorplates typically provide circa 17,100 sq ft of open plan accommodation around a central core with excellent natural daylight.
The elevations are of Portland stone coloured pre-cast concrete framing plus glazed and aluminium curtain walling together with extruded aluminium fins to provide solar shading with flat roofs which are part terraced/paved with views over central Cardiff. The building is of steel frame structure around a central core and in-situ concrete slabs on metal decking and the internal walls are of concrete blockwork, plasterboard and metal or timber studs with acoustic treatment.
Internally the building provides fully accessible raised floors with a minimum 150mm clear void and suspended ceilings throughout. The offices provide a clear floor to ceiling height of circa 2.80 metres and floor level height of 3.96 metres.
The building, arranged around one central core, contains three stairwells - two serving all floors and a third serving ground, mezzanine and first floors only. Male, female and disabled WCs together with seven lifts are all provided within the main building core. In addition, one lift in the main office is allocated as the service/goods lift accessing all office floors, ground floor and the upper basement level.
The building benefits from a four pipe fan coil air conditioning system to meet the heating and cooling loads of the building. Chillers are located on the roof together with air conditioning units. The fresh air is provided by the air handling units delivered via duct work into the accommodation via ceiling mounted grills. Air is extracted from the office areas through dedicated extractor grills in the suspended ceiling. A high quality lighting scheme has been provided to the entrance reception, atrium areas together with lighting to common parts.
The building benefits from a fire detection system to include sprinklers on the ground and all upper floors, an alarm system, together with lightning protection system. The building benefits from mains electricity, gas, telecoms and water services.
Externally, the building is paved and lit to match the surrounding public landscaped areas.
The property is held on a 250 year lease at a peppercorn from 22nd March 2012 and expiring on 21st March 2262.
The freeholder is the County Council of the City and County of Cardiff.
The tenant is obliged to keep the property in good repair, insured and to pay future rates, taxes and other impositions in respect of the property.
The headlease has a wide permitted use that includes offices and ancillary uses within Class B1 and/or any use within Classes A1, A2, A3 or C3 as well as any other uses, subject to landlord's reasonable consent.
The title number is CYM554643.
The key terms of the lease are as follows:
EUI Limited (Company No. 02686904)
Admiral Group Plc (Company No. 03849958)
25 years from 15th September 2014 expiring on 14th September 2039
Whole building to include basement levels of car parking, the internal and external envelope of the building together with hard and soft landscaping to the footprint of the building (see OS plan)
The initial rent is £3,439,673 per annum (the vendor will top up the rent to £3,705,560 per annum until 15th September 2019)
RENT PER SQ FT
£16.75 per sq ft on the main office area, £13.00 per sq ft on the mezzanine area and £16.75 per sq ft on the ground floor retail units, based upon initial rental
RENT REVIEW DATES
15 September 2019, 2024, 2029 and 2034
The rent is to be reviewed on a 5 yearly upward only basis to the Retail Price Index (RPI) with a collar and cap at 1.5% and 3% respectively compounded annually
Full repairing and insuring lease
The ability to assign or underlet the whole or underlet parts with landlords consent not to be unreasonably withheld, subject to an Authorised Guarantee Agreement
The permitted use is a combination of offices and ancillary uses within Class B1; and/or A2; and in respect of the ground floor and any mezzanine level Classes A3; and in respect of Retail Units Class A1
RENTAL TOP UP
The vendor will top up the rental to the 15th September 2019 rent review based upon the minimum uplift of 1.5% per annum compounded, which equates to £3,705,560 per annum. Oxford Economics project average RPI growth of 3.15% per annum for the 20 year period following the September 2019 rent review.
Retail A is let to Stable Bar Restaurant on a 15 year lease from 2nd October 2015 at a passing rental £70,000. Retail B is let to NSSB Cardiff Limited (trading as Bru) on a 10 year lease from 9th March 2018 at a passing rent of £25,000.
Since its launch in January 1993, the Admiral Group has become a highly profitable and fast-growing financial services company, now employing over 9,000 people across its offices in the UK.
Admiral entered a new phase in 2004 when it floated on the London Stock Exchange. The float represented the biggest capital raising for a Welsh company ever and Admiral Group became the highest valued public company in Wales. In December 2007 Admiral became the second Welsh company to join the FTSE Top 100 Companies.
The Admiral Group offers home, car and travel insurance, as well as personal loans and car finance in the UK. The company has operations in France, Italy, Spain, USA, Canada, India and Mexico. Admirals customer base includes higher premium business, such as city-dwellers, younger drivers and motorists with performance cars; people who traditionally found it difficult to get motor insurance from the main volume providers.
ADMIRAL GROUP PLC (GUARANTOR)
Since the launch of Admiral 25 years ago, they have posted record profits on 23 separate occasions. During 2016, the Admiral Groups customer numbers exceeded 5million for the first time and now stands at around 5.73million. All of Admirals growth has been organic, with customer numbers increasing every year from the companys inception in 1993, through to 2017.
Admiral Group Plc released results for the year ending 31st December 2017, with record profits coupled with continued strong growth. Profit before tax was £403.5 million, a jump of 43% compared to 2016, whilst turnover rose 15% to £2.96 billion. Dun & Bradstreet ascribed a credit rating of 5A1 representing their top credit rating and lowest level of overall risk with a minimum risk of business failure.
Admiral Group Plc have an investment grade covenant with a Moodys credit rating of A1.
Further information can be found in the link below.
EUI LIMITED (TENANT)
EUI Limited is the principal subsidiary of the Admiral Group Plc, which offer services in direct motor insurance brokerage and providing other shared group facilities to the organisation.
EUI Limited have a Dun & Bradstreet rating of 5A1, which represents a minimum risk of business failure.
Further information can be found in the link below.
We understand that the property is elected for VAT and therefore VAT will be payable on the purchase price.