LOCATION
The property is situated in the heart of Cardiff Bay, occupying a prominent position on the corner of James Street and West Bute Street. The property is located in an established mixed use area within close proximity to Mermaid Quay providing a range of shops, restaurants, cafes and bars. Occupiers within the scheme include Wagamamas, Costa, Starbucks, Gourmet Burger Kitchen, Pizza Express, Café Rouge, Tesco Express, Austin Reed and a number of other independent operators.
DESCRIPTION
The property comprises a part built development of 23 apartments (11 no 1 bedroom and 12 no 2 bedroom units) and a single ground floor restaurant unit.
The proposed development has commenced construction with the existing building has been stripped back to shell and core and the new extension part constructed to with foundations and steel frame in place.
The works commenced have been checked and warranties exist for these elements of the build.
TOWN PLANNING
The property was granted full consent under application number 05/00127/C for partial demolition and extension of Cadogan House, subject to 15 conditions, to provide 23 apartments and a restaurant unit falling within Use Class A3 of the Town and Country Planning (Use Classes) Order 1987.
The following conditions have been discharged prior to and during commencement of construction; (1) Permitted development to have begun within 5 years of date granted; (2) External Materials; (10) Drainage; (13) Painting of Cadogan House; (14) Architectural Detailing.
TENURE
The site is held freehold under title number WA276055.
The ground floor restaurant unit has been sold, subject to an agreement to lease, on a long leasehold basis for a premium of £247,500.
METHOD OF SALE
The subject site is being offered by private treaty, and subject to negotiations may result in an informal tender process.
PROPOSALS
Proposals are sought on an unconditional or joint venture basis, subject to contract.
VAT
The site is elected for VAT and will be payable on the purchase price.
LEGAL COSTS
Each party is to bear their own legal costs associated with the transaction.
WARRANTIES
Available upon request.
FOR FURTHER INFORMATION CONTACT:
CBRE Limited
Clifton Heights,
Triangle West,
Clifton,
Bristol,
BS8 1EJ.
Guy Mansfield
0117 943 5785
guy.mansfield@cbre.com
