Business park, Canteen, Car park, Cleaning, Disabled facilities, Exposed bricks, Grade A, Grade B, Grade C, Kitchen, Lift, Meeting room, Modern, Office space, Reception, Security, Storage, Surveillance, Telephone system, Train transport, Transport
27 sq ft
Lease to GE Healthcare Limited - one of the world's largest companies with businesses located across the world. A highly prominent and easily accessible location. Potential for enhanced uses, subject to planning.
Highly prominent and easily accessible site adjacent to the M4 (J32) and Cardiff City Centre.
G E H E A LT H C A R E
THE MAYNARD CENTRE, LONGWOOD DRIVE
A R A R E OPPORTUNIT Y TO ACQ U I RE A
SI G NIF IC A NT INV ESTM ENT A ND S T R ATEG I C
DE V ELOPM ENT A SSET IN C A RD I F F
Part leaseback to GE Healthcare Limited and
part development opportunity.
A rare opportunity to acquire one of Cardiff’s
best located development opportunities.
Cardiff is the UK’s fastest growing Core City
with a 1.5 million population within a 45 minute
drive and was ranked the 3rd best European
city for quality of life by the European Union.
Highly prominent and easily accessible
location adjacent to the M4 motorway
(Junction 32) and Cardiff City Centre.
New 10 year lease (7 year tenant only
break option) to GE Healthcare Limited at
£1,219,607 per annum exclusive which equates
to an average rent of £11.00 per sq ft.
GE Healthcare Limited have a Dun &
Bradstreet rating of 5A1.
The buildings extend to a total of circa 18,400
sq m (198,055 sq ft) of which 10,294.18 sq m
(110,805 sq ft) will be subject to a leaseback to
GE Healthcare Limited.
The total site extends to circa 10.97 hectares
(27.10 acres), of which approximately 5.34
hectares (13.20 acres) is immediately
available for development.
We are seeking offers in excess of £13,400,000 (Thirteen Million, Four Hundred
Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 8.53% after allowing for standard
purchaser’s costs of 6.72% and a low capital value of £728.26 per sq m (£67.66 per sq ft).
Potential for enhanced uses, subject to
CARDIFF CITY CENTRE
CITY CENTRE &
SAT NAV: CF14 7YT
Cardiff is the capital city of Wales, with an
estimated resident population of 358,500
and a further 1.5 million within a 45 minute
travel time. Cardiff has a projected growth of
20% by 2035, making it the fastest growing
UK core city in percentage terms. Capital
City status was granted in 1955 and the city
has grown to become Wales’ economic and
political centre along with being the home to
the Welsh Government.
The city has a developing national and global
reputation. It plays host to various substantial
and prominent occasions, including Britain’s
biggest free summer celebration, and offers
more green space per individual than any
other UK core city. Cardiff has also been
assigned as the world’s first Fair Trade
Capital, empowering moral exchanging.
Employment within the city is centred on the
retail, finance, media and tourism sectors.
Major occupiers within the city include
Admiral Insurance, Eversheds Sutherland,
L&G, Lloyds Banking Group, Cardiff Council,
Welsh Government and the BBC.
Cardiff ranks within the top 10 UK cities
for its percentage of residents with ‘high
qualifications’, reflective of the high retention
rate of its universities’ graduates. A 2016
report by the European Union placed Cardiff
3rd on its list of European cities offering the
best quality of life, whilst its unemployment
rate is one of the lowest in the UK according
to the Centre for Cities.
The Cardiff Capital Region (CCR) covers 10
local authorities, has a population of 1.5
million and Gross Value Added (GVA) of
approximately £25 billion, accounting for 51%
of the Welsh Economy. Approximately 80,000
people commute daily into the city from the
wider urban area.
Cardiff is placed 19th in the UK retail
rankings and 5th in Experian’s strongest
market potential category. The main
attraction is the 88,257 sq m (950,000 sq
ft) of accommodation in the St David’s
Shopping Centre, which provides a home
for the majority of national retail multiples,
including Wales’ largest department store
John Lewis (their largest store outside
of London), Debenhams, Apple, Hugo
Boss and a circa 8,361 sq m (90,000 sq ft)
Primark. Other major retailers within the
city include House of Fraser, TK Maxx, Fred
Perry and Joules.
CARDIFF CITY CENTRE
Tourism plays a large part of Cardiff’s
economy with an estimated number
of 18.3 million visitors in 2010, along
with being ranked sixth in the world in
National Geographic’s alternative tourist
The city is renowned for hosting some of
Europe’s most prestigious sporting events
such as the European Rugby Cup Final,
Ashes Cricket Tests, assisting the hosting
of the 2012 Olympic Games and the 2017
Champions League Final on 3rd June 2017.
These events and many others helped
Cardiff to be awarded the European City
of Sport for 2009 and 2014. Cardiff was
also awarded the European City of Culture
in 2008 and the Best UK City for Young
People in 2013. The city is known as being
a dynamic focal point of learning and
Cardiff has one of the biggest student
populations in the UK.
TA F F S W E L L
T R A I N S TAT I O N
THE MAYNARD CENTRE,
LONGWOOD DRIVE, CARDIFF
Cardiff Central Station is also the hub of the
extensive and dense Valley Line Network
serving the inland towns of south east Wales,
from where a significant proportion of the
city’s work force is drawn. Transport for Wales
are presently working on the ‘South Wales
Metro’ which is a large multi-modal transit
initiative aiming to provide accessibility
enhancements throughout the Cardiff City
Region, predominantly through investments
in light rail. Cardiff’s railway terminal links
into the UK and European network.
National Rail times from Cardiff
2 hours 7 minutes
T R A I N S TAT I O N
R A DY R
T R A I N S TAT I O N
High speed rail services give rapid access to
all major cities across the UK. Cardiff Central
Station is one of the principal stations on the
Great Western Line from London to Swansea.
Frequent services run to and from London
Paddington, with an average journey time of
2 hours. From London, connections can then
be made onto EuroStar services to Europe.
CENTRE & CARDIFF
Distance by road
& MID WALES
Cardiff is well served by both road and rail
communications. The city is situated on the
M4 motorway, and lies approximately 236 km
(147 miles) from London in the east. South
Wales links via the M50 and M5 motorways
to the Midlands and south west of England.
Almost 80% of the UK population live within
a 4 hour drive of Cardiff.
1 hour 35 minutes
1 hour 59 minutes
3 hours 10 minutes
EASILY ACCESSIBLE LOCATION
ADJACENT TO THE M4 MOTORWAY
(JUNCTION 32) & CARDIFF CITY CENTRE
The electrification of the train line between London Paddington
and Cardiff Central is due to be completed in 2019. The travel
times between these destinations is set to be reduced to a time
in the region of 1 hour 45 minutes.
Cardiff has its own international airport located 19.2 km (12
miles) from the city at Rhoose. The airport provides mainland
and European schedules. London’s Heathrow airport is less
than a two hour drive away.
T R A I N S TAT
Central Square – a joint venture between Cardiff
Council & Rightacres to comprehensively redevelop
the north side of Cardiff Central Station which will
include the new 15,329 sq m (165,000 sq ft) BBC Wales
Headquarters building. The mixed use scheme is set
to extend to a total of 74,321 sq m (800,000 sq ft) of
office, hotel, residential and retail accommodation.
INWARD INVESTMENT /
DEVELOPMENT ACTIVIT Y
Cardiff has undergone a significant amount of
development in the last 20 years with the creation
of Cardiff Bay, the Bute Town Tunnel link road,
Principality Stadium and St David’s Shopping
Centre. This large scale development is set to
continue with the completion of Callaghan Square
office development 46,451 sq m (500,000 sq ft),
the redevelopment of Network Rail’s central train
station, and creation of the 74,341 sq m (800,000 sq
ft) Central Square scheme which is to be anchored
by the new BBC Wales Headquarters, as well as the
redevelopment of Dumballs Road in Cardiff’s Core
Cardiff Business Council was launched in May 2014,
with the prime focus of positioning the Cardiff Capital
Region as a world class business location. Since
their launch, the business council have focused on
assisting with inward investment into the City and
have managed to attract a major office occupier,
Alert Logic, to locate their EMEA headquarters at One
Capital Quarter. www.cardiffbusinesscouncil.com
Cardiff has an ongoing £5bn investment programme
in place, including plans to develop a multipurpose
arena and assist with the new gateway to the city
through the Central Square scheme.
Cardiff Central Station (Network Rail Scheme) –
Network Rail have announced plans for a major
redevelopment of the central train station, in order
to increase capacity and significantly enhance the
services provided at the station. The scheme could
include further mixed use development along with
the development of the Network Rail South Car Park
to include a multi-storey car park which will increase
the parking capacity to 1,000 cars and the potential
for further office, leisure, retail and residential
Central Quay – directly adjacent to the southern side
of Cardiff Central Station, Brains & Rightacres have
entered into a joint venture which is in the process of
Master planning a large mixed use scheme across the
Brains Brewery site.
Callaghan Square – the remaining 1.79 ha (4.42
acres) of development land on the south side of
the Callaghan Square Scheme was purchased by
the Welsh Government in 2012, with the aim of kick
starting speculative office development in Cardiff.
Capital Quarter – JR Smart is currently on site
developing a further 7,432 sq m (80,000 sq ft) of
speculative office accommodation. This is in addition
to the One Capital Quarter building that Welsh
Government purchased in 2013, which is understood
to be fully let to tenants including, Finance Wales,
Parsons Brinckerhoff, Alert Logic and the Welsh
College of Nursing.
Cardiff Parkway Business Park – plans are being
prepared for a new business park to align with the
Metro system delivery which will incorporate a new
train station to facilitate the development of the 176
acre (71 hectare) site.
Residential – significant large scale residential
developments have now been granted
consent including St Ederyn’s Village (1,020
homes), Churchlands (4,500 homes) Plasdwr
(7,500 homes) and Junction 33 (2,010 homes)
delivering much needed homes for the city.
Notwithstanding, Cardiff is still in need of further
housing sites to deal with the required housing
stock beyond the current 3.8 years land supply.
Hotels – the Cardiff Tourism Strategy and
Action Plan (2015-2020) has identified that
tourism supports over 13,700 jobs in the city
with hotels reporting high levels of occupancy.
The Plan notes the limited range and capacity
of the existing bed stock and suggests a need
to get more discretionary tourist visits. The Plan
focuses on tourism but Cardiff’s commercial and
business renaissance is also driving particularly
strong hotel demand during the week,
complementing tourism’s weekend bias.
Industrial – speculative development has been
limited, however the likes of Amazon, Aldi and
Geopost have committed to new build projects
in recent months as the food and logistic sector
in particular continues to excel.
Velindre Cancer Centre – an outline planning
application has been submitted for the
development of a 14.5 hectare (35.80 acre)
cancer treatment facility upon the land to the
north of the Whitchurch playing fields. The
Velindre Centre and Maggies Care Facility is set
to open in September 2022 and will be a nonsurgical treatment and international research
& development facility with an estimated 1,000
members of staff. Importantly, the development
will incorporate road enhancement works to
Longwood Drive and specifically the roundabout
adjacent to the Asda petrol filling station.
THE GE HEALTHCARE
The GE Healthcare Cardiff Site
comprises a medical technology
manufacturing facility operated by
GE Healthcare, situated to the north
of Cardiff city centre, just off Junction
32 of the M4 motorway at Coryton
fronting onto Longwood Drive.
The entire site encompasses a secure
facility of approximately 12.14 hectares
(30 acres), of which 10.97 hectares
(27.10 acres) forms part of the sale.
The buildings within the sale extent
to approximately 18,400 sq m (198,055
sq ft) of accommodation. The site
comprises seven buildings of one
and two storeys used for offices,
laboratories and warehousing. There
are approximately 527 car parking
spaces upon the site, which equates
to a ratio of 1:32.24 sq m (1:347 sq ft).
The facility has security fencing
and two vehicular access points off
Longwood Drive, with all current
access being controlled via a
GE Healthcare will occupy and
leaseback buildings RP2, CD2 and
ED2, leaving the remaining buildings
OA3, OA, CD1 and Buildings 19/20
available for refurbishment or
redevelopment. The land available
(which includes vacant buildings and
service road) comprises approximately
5.34 hectares (13.2 acres).
The Cardiff Nuclear Licence Site
(CNLS) is currently within the GE
Healthcare ownership. The CNLS area
will be excluded from the sale.
GE HEALTHCARE LIMITED - LEASEBACK BUILDINGS
The building is constructed around
a reinforced concrete frame, with
plant and machinery housed on
the roof. External elevations are
clad with curtain walling with large
glazed sections together with
Internally the building is configured
to provide office accommodation,
to both the ground and first floors
together with male and female
WC facilities and locker rooms /
changing areas. Delivery access is
provided via a roller shutter door.
There is a central stairwell together
with a goods lift situated off the
loading area with four fire escape
CD2 provides laboratory and clean
room accommodation to the ground
floor with a smaller amount of office
accommodation provided on the first
The building is of a similar
construction type to RP2 but makes
more use of composite panels
applied to external elevations in
place of the large glazed sections.
Matching facing brickwork is also
used, particularly to the plinth and
the two buttress type protrusions
which house the additional fire
Building ED2 is situated adjacent
to the south east elevation of CD2,
accessed via a small link corridor and
roller shutter doors to the eastern
elevation. The accommodation is
arranged mainly over the ground
floor although ancillary offices and
meeting rooms are provided at first
floor (mezzanine) level.
This building is of a steel portal frame
construction, supporting colour
coated profiled steel panels applied
to the shallow pitched roof covering.
External elevations offer part
facing brickwork, as a match for the
remaining accommodation on the site
and part colour coated profiled steel
panels, designed to create a parapet
to the roof covering and benefitting
from ribbon type fenestration to the
ground and first floor of the south
west facing elevation.
This building offers accommodation
over two floors and is accessed from
the main spine corridor or entrance
facing Car Park 1.
The building mirrors the
construction of CD2. Internally
the building offers laboratory
accommodation to the ground
floor together with male and
female WC facilities and goods
delivery access. The first floor
accommodation, accessed via a
central stairwell located just off the
main spine corridor, is configured
to provide more modern office
accommodation, clean rooms and
The clean room facilities will remain
within this building, providing for
future letting potential for this
higher value use.
A detached two storey purpose
built office building with the
main accommodation arranged
in two distinct circular structures,
connected by a central reception
area which is connected to the main
spine corridor of the GE Healthcare
The building is constructed
around a structural frame which
supports a flat roof structure and
a combination of large glazed
sections and facing brickwork
provided to external elevations.
Internally the building offers a
canteen and commercial kitchen to
the ground floor of the west wing,
with meeting rooms and offices
provided within the remainder of
This building comprises a detached
two storey structure situated to
the far west of the facility which
provides office accommodation to
both ground and first floors.
The building is of steel frame
construction supporting a pitched
roof structure with a covering
of colour coated profiled metal
sheets. The external elevations are
of brickwork finish and incorporate
large sections of glazing. Internally
the building is configured to
provide an entrance foyer to the
ground floor together with male,
female and disabled WC facilities
and a central break out area.
with some store areas, are
provided to the remaining parts
of the ground floor. The first floor
accommodation is accessed via
either a stairwell or lift.
Building 19/20 was purpose built
for a specific production facility,
reflected in its design which offers
accommodation over a basement,
ground and first floor, together with
additional plant accommodation
within two turret type structures,
one to each of the south west and
north east ends of the structure.
The structural frame of the building
supports a flat roof covering with
external elevations comprising
colour coated micro-ribbed panels
punctuated by fenestration in a
ribbon style to ground and first floor
elevations. Internally, the building
has been left to a shell finish,
reflecting its limited use following
No services are currently or will be
provided to this building.
The site on which the facility has been constructed is irregular in shape
but generally level, save for bunded areas created by the occupier. A
circulation road leads from the security lodge accessed off Longwood
Drive, which provides vehicular access to all buildings comprising the
facility. A second vehicular access point is located off Longwood Drive
at the south west corner of the site.
There are five distinct car park areas on site as highlighted on the
following page, the first and largest is to the north of the site just to
the west of the security lodge positioned at the main entrance. Three
other car park areas are situated immediately to the south of Building
RP2. A total of 527 car spaces are provided within these car parks and
ad hoc car parking is provided elsewhere within the site, mainly off the
site access roads.
Otherwise the grounds are laid to lawns with large landscaped areas
which include mature trees and specimen shrubs.
The existing site boundary fence and security gate will be retained
and operated by GE Healthcare until the deregulation of the CNLS
site is completed. It is currently estimated that this will occur during
December 2019, at which point control of the gatehouse and fence will
transfer to the purchaser without any requirement to maintain.
GE Healthcare will construct a new fence and barrier access to the
north of building CD2 for the purpose of their ongoing security to
coincide with the transferring of the gatehouse to the purchaser.
Details of the security arrangements can be found in the data room.
Cardiff Nuclear Licenced Site (CNLS) Information
The area within the Estate Plan shaded yellow annotated ‘CNLS’
extends to 1.17 hectares (2.90 acres) and will be retained by the Vendor
until completion of the deregulation of the Nuclear site. The process
of decomissioning and deregulating the site is already under way and
details of this process including timing can be found within the data
Completion of the deregulation process is estimated to be December
2019. The CNLS land will remain within the Vendor’s ownership, with
suitable access and egress rights across the remainder of the site
being granted. On completion of the deregulation process the site
may be offered to the market and a proportion of the site will be
placed under a put option to the purchaser of the wider site. Details
on this can be obtained from the data room.
There are five areas provided on site for car parking which are annotated on the estate
The freehold of the site edge in blue on the Estate Plan, subject to
rights reserved for necessary access and egress from the retained CNLS
land shaded yellow.
ESTATE PL AN
The red line boundary on the Estate Plan is the GE Healthcare lease
boundary (see Lease Structure).
CAR PARK 1
The property measurements have been supplied by our client and we
understand the areas below are in accordance with the RICS Code of
Measuring Practice (Sixth Edition) and provide a total net internal floor
area of 18,400.09 sq m (198,055 sq ft). A breakdown of the floor areas is
set out in the schedule below.
GE HEALTHCARE LIMITED
CAR PARK 2
CAR PARK 4
CAR PARK 3
CAR PARK 5
Office / Laboratory
Office / Laboratory
Office / Laboratory
CAR PARKING SPACES
Car Park 1
Car Park 2
Car Park 3
Car Park 4
Car Park 5
GE Healthcare will use the car parking facilities
(Car Park 3, 4 & 5) within their lease boundary and
will require access and egress for between 200 253 vehicles on the site at any given time.
Ancillary buildings such as the Power House and Security Lodge have
not been incorporated in the above areas schedule.
On completion of the separation works, GE Healthcare Limited will enter into a new lease upon the land and buildings
shown edged in red on the Estate Plan. This will include buildings RP2, CD2, ED2 and the Power House. The spine
corridor between buildings RP2 and CD2 will also be demised to GE Healthcare Limited.
The following market rents have been applied to the main buildings within the demise, in order to calculate GE
Healthcare’s rental commitment.
Total Sq m
Total Sq ft
£10.00 - £15.00
£10.00 - £15.00
GE HEALTHCARE LIMITED
GE Healthcare currently have a number of tenants within the buildings upon the site. However, all existing leases will
be terminated in December 2017 to allow for the separation works to be undertaken without interruption and vacant
possession to be provided on all non-leaseback land and building.
General Electric is one of the world’s largest
companies with businesses located across the
world, including GE’s Healthcare division which
is headquartered in the UK and supplies its
The company provides medical imaging and information technologies, medical diagnostics,
patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies,
performance improvement and performance solutions services to help customers to deliver
better care to more people around the world at a lower cost.
GE Healthcare Limited will commit to a new lease from the date of
completion based on the following terms:
GE Healthcare Limited
All the land and property within the red line
shown on the Estate Plan, incorporating
buildings RP1, CD2 and ED2
7th Anniversary of the term
The Tenant will provide the Landlord with 12
months’ written notice
£1,219,607 per annum exclusive
The rent will be reviewed on the 5th anniversary
of the term to Open Market Rent
The Tenant will be responsible for the keeping
the Demise in good repair and decoration, but
in no better condition than the photographic
schedule of condition which will be completed
by the Tenant and annexed to the Lease.
The tenant will be permitted to assign the whole
and sub-let whole or part of their leasehold
interest subject to the Landlords consent, not to
be unreasonably withheld or delayed.
The GE Healthcare Cardiff facility employs approximately 300 people in the manufacture of
consumables and reagents that enables research and development in the basic mechanisms
of disease, drug discovery and drug development.
GE Healthcare Limited have a Dun & Bradstreet rating of 5A 1, which represents a minimum
risk of business failure. The Dun & Bradstreet report with further financial information can be
found in the data room.
SERVICES SEPARATION WORKS
GE Healthcare will commit to significant service separation works to isolate the majority of the
services between their retained leasehold land & buildings and the remaining site & buildings.
These separation works will be undertaken within a period of 6 months following exchange
of contracts with completion of the sale and new lease to GE Healthcare Limited to
simultaneously occur thereafter.
Details of these separation works can be found in the data room.
Buildings Service Charge
We have also assumed that each of the buildings outside
of the GE Healthcare boundary (OA3, OA & CD1) will have
separate Building Service Charges, assuming that these
become multi-let assets. In the event that a building is let
as a whole, the sole tenant will deal with these elements.
The cost to each tenant is to be calculated as a percentage
of the total square footage occupied by an individual tenant
within the Building, we have assumed it would include:
Repair & Maintenance of the Building
Estate Service Charge
The purchaser will be required to create an Estate Service Charge. The cost to each tenant is
to be calculated as a percentage of the total land area occupied by an individual tenant within
the Whole Property. Although not exclusive, the following elements will need to be considered
in this service charge budget:
Cleaning and Maintenance of common areas
Lighting and services to common areas
Health & Safety
Building Management Fee
Building Service Charge Account Audit Fee
Maintenance of the estate road network, as existing or in the event that a new layout is
constructed for common access purposes
Maintenance and upkeep of the landscaped areas, including car parking areas unless
Management and maintenance of common drainage
Health & Safety
Lighting supplied to the common areas excluding the buildings and security lodge
CCTV / Security provided to the common areas excluding the buildings and security lodge
(carried out by GE Healthcare and charged back to the Landlord until December 2019)
Security Fence Maintenance (to be carried out by GE Healthcare and charged back to the
Landlord until December 2018)
Estate Management Fee
Estate Service Charge Account Audit Fee
Cardiff’s core occupational markets have been
performing well over the last few years, with
record volumes of office take-up, industrial
take-up on the increase and the retail, hotel and
leisure markets prospering from an improving
Large pre-let transactions have led the way in
both the city centre office and industrial markets,
with a shortage of good quality secondary
buildings increasing rents in both sectors.
An increased demand for leisure accommodation
within the city as a result of increased footfall
and tourism activity has moved Cardiff forward
in these sectors. The hotel market in particular
remains buoyant as an identifiable shortfall
in room availability drives demand for new
CARDIFF OFFICE MARKET COMMENTARY
The out of town office market, through 2016
and 2017 to present, has witnessed increased
activity in terms of actual transactions and new
Demand for out of town office space in South
Wales is improving, and a characteristic of
the South Wales office market is that a higher
proportion of companies prefer to be located in
the established business parks situated either on
a motorway junction, or in close proximity to the
Cardiff continues to dominate the office market
in South Wales both in terms of levels of demand
and take up. The average take up of office
accommodation over the last 10 years in Cardiff
which includes City centre, Cardiff Bay and out of
town business park locations equates to 490,000
sq ft per annum.
Out of Town Office Transactions
Size (sq ft)
Services / Sales
1 River House
Liberata UK Plc
5 Greenmeadow Springs
Junction 32 M4
Lovell / Morgan
2 Riverside Court
Gwaelod y Garth
Synexus UK Ltd
Eastern Business Park
Annual Office Take up (sq ft)
2004 2005 2006 2007 2008 2009 2010 2011
2012 2013 2014 2015 2016
The below graph clearly indicates the majority of office lettings
continue to take place in Cardiff city centre. Over the last 6 years, out
of town office take up has totalled some 720,670 sq ft which equates to
an average take up of approximately 120,000 sq ft per year.
The limited available stock in all size
groups has led to a 1.7% rise in prime
gross rents that range between £2.50
and £4.50 per sq ft. Wales remains an
attractive location for manufacturers
seeking lower cost labour and major
occupiers have recently taken up
purpose-built space include Aston
Martin (70,000 sq ft), ALTK (100,000 sq ft)
and General Dynamics (250,000 sq ft).
There is currently no grade A space
available in the Cardiff market and all of
the 5.7 million square feet of space that
is available is grade B and C only. After
a slow H1 2016, take up picked up in H2
totalling 2.2 million square feet and has
continued to remain strong during Q1
2017 (811,000 sq 685,640
There is currently an ever diminishing
level of vacant industrial accommodation
over 50,000 sq ft in Wales, and there is
now less than 6 million sq ft available
as at Q4 2016, representing less than
half the total availability levels only five
years ago. Compounding matters, we
are of the view that the region is unlikely
to witness any additional significant
speculative development in the near
future due to a lack of available and well
located development sites.
The market has, over the past few
years, witnessed significant growth
in warehouse distribution and parcel
service delivery, predominantly as a result
of the change in the UK retailing habits.
Whilst in 2007 online sales accounted
for only 3.7% of all retail sales, C&W are
predicting that this will increase to 15.7%
by 2019. This represents an increase of
approximately 400% in only 12 years.
INDUSTRIAL MARKET COMMENTARY
2016 Industrial take-up volumes in
South Wales were almost twice the five
year average. Demand for new space
continues to be strong and there are
currently around 1.5 million sq ft of live
occupier requirements in the market.
This, combined with a lack of new
development, has resulted in a fall in
availability across the region. Availability
is now at its lowest point on record and is
particularly tight in the grade A market.
INDUSTRIAL TAKE-UP BY GRADE (MN SQ FT )
Source: Cushman &
Out of Town
2004 2005 2006 2007 2008 2009 2010 2011
2012 2013 2014 2015 2016
EASILY ACCESSIBLE LOCATION
ADJACENT TO THE M4 MOTORWAY
(JUNCTION 32) & CARDIFF CITY CENTRE
& CARDIFF BAY
The location of the site provides
a number of development
opportunities for a variety
of uses including logistics,
storage, research facility, offices,
hotel or residential, subject to
appropriate statutory consents.
Cardiff City Council’s Deposit LDP
(2013) proposals map shows that
the site lies within an EC1 policy
area (EC1.8). EC1 is a protective
policy which safeguards against
the loss of employment land.
As such, non-employment uses
will be resisted. Surrounding the
site is a river corridor which falls
under conservation policy EN4
‘Strategic River Valleys’ which
provides a planning framework
within which the council can
protect, promote and enhance
the river corridors for nature and
The re-letting of the existing
vacant buildings, with OA and
OA3 providing traditional office
accommodation and CD1 having
the added benefit of containing
a number of clean rooms which
could generate interest from
higher value specialist uses.
Buildings 19 & 20 are currently
finished to shell and interest has
been shown from a number of
related users over the past few
years for letting and/or purchase.
Alternatively, the building could
be demolished to release further
significant development land.
The property provides a wide range of
asset management and development
opportunities with large areas of the site
remaining undeveloped, in particular
between buildings OA, OA3 and CD1
(labelled A, B, C and D on the plan below).
An assessment of demolition costs
for each building is available within
the data room.
The Vendor has commissioned a Phase 1 Environmental Report which is available
from the data room.
The Energy Performance Certificates can be provided on request.
A copy of the certificates are available within the data room.
The Vendor will make a joint tax election (s198 election) with the Purchaser fixing
the value of the fixtures and fittings to £1.
The GE Healthcare retained element of the property has been elected for VAT
purposes and as such VAT is charged on the purchase price.
A selection of relevant documents are available within the data room which is
located at www.GECoryton.co.uk
Please contact the vendor’s agents for access details.
Please note viewings are strictly by open days only.
For further information please contact:
029 2026 2246
0117 910 5282
We are seeking offers in excess of £13,400,000 (Thirteen Million, Four
Hundred Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 8.53% after allowing
for standard purchaser’s costs of 6.72% and a low capital value of £728.26
per sq m (£67.66 per sq ft).
Cushman & Wakefield gives notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the
property but are not intended to constitute part of an offer or contract.
2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as
being a statement or representation of fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services
or facilities are in good working order.
4. The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were
taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains
precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are
not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part
of the property this is not intended to be a statement that any necessary planning, building regu-lations or other consents have been
obtained and these matters must be verified by any intending purchaser.
7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not
by way of statement of fact.
Design by Martin Hopkins | 02920 461233 | www.martinhopkins.co.uk
Disclaimer. Property descriptions, images and related information displayed on this page are based on marketing materials found on the website registered to Cushman & Wakefield. Realla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Cushman & Wakefield for full details and further information.