Prime Residential Investment Opportunity Richmond Square Richmond Road, Cardiff, CF24 3GA

2010 Photo

Investment Considerations JJ

77 flats providing a total of 103 double bed rooms

JJ

Current gross income £620,940 per annum

JJ

Assured Shorthold Furnished Tenancy Agreements

Savills Cardiff 12 Windsor Place Cardiff CF10 3BY

+44 (0) 2920 368 900 savills.co.uk

JJ

Main Block constructed in 2010

JJ

For Sale by Private Treaty

JJ

Central location close to Cardiff University campus and Cardiff City Centre

JJ

Potential for break up sales

JJ

Professional Management in Place

Red Line for illustration purposes only.

Location and Demographics Cardiff is the capital and largest city in Wales and the tenth largest city in the United Kingdom. The city is the country’s principal commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for Wales. The unitary authority area’s mid-2011 population was estimated to be 346,100, while the population of the Larger Urban Zone was estimated at 861,400 in 2009. Cardiff is a significant tourist centre and the most popular visitor destination in Wales with 18.3 million visitors in 2010. In 2011, Cardiff was ranked sixth in the world in National Geographic’s alternative tourist destinations. Cardiff is the best place to live in the UK according to a poll of the residents of Europe’s top cities. Cardiff was one of six cities in the UK to be surveyed, alongside London, Glasgow, Belfast, Newcastle-upon-Tyne and Manchester. It came top out of these six cities in most categories with 92% saying they liked living in the Welsh capital. In terms of cultural attractions, Cardiff’s residents are some of the most content in Europe with 93% saying they were happy with the city’s offering beating cultural big-hitters Paris, Berlin and Athens. Cardiff is the home for several higher educational establishments, including Cardiff University, Cardiff Metropolitan University, The University of South Wales and the Royal Welsh College of Music & Drama.

Cardiff and Vale College and St Davids College and Cardiff 6th form College also have campus facilities in the city. There are approximately 63,000 students in Cardiff with 45,000 attending full time courses. There are only 14,000 bed spaces within existing halls of residence and purpose built student accommodation.

Situation The Richmond Square Development is located in the heart of Richmond Rd approximately 1.60km (1 mile) from Cardiff City Centre and is within 0.8km (0.5 mile) of many of the University Faculty Blocks. The development is very popular with both students and professional occupiers especially the scheme conveniently situated close to a variety of local shops restaurants and other leisure outlets along Albany and City Road.

Description This is a rare opportunity to acquire a professionally managed purpose built development designed for the rental market but with potential for open market sales. The scheme comprises three elements, Richmond Square, Richmond Apartments and 109 Richmond Road.

121

64

2

55

100

20

O

R ST

T EE

N EY S

88

R HYM 38

33

T R E ET

Ri chmond S quare

23

35

NO

El Sub S ta

HC RT

TE

11

MP 1. 75

50

45

10

116

13.7m

NO

RT

HC

O

TE

LA

NE

23

86

26

90

5

1 02

85

13

12

80

14

ents d Apartm R ichmon

13.7m

9 83

1

30m

LO W TH

AD ER RO

8

20m

69

79

2

ourt

Chy

This is the principal part of the development being offered for sale. It was completed in 2010 and provides 65 units and a total of 70 double bed rooms. The scheme was designed to compliment the period Richmond Road street scene with a central courtyard and garden. There are 17 types of apartment arranged as follows. Block 1 12x 1 bed flats, Flats 1-12 Block 2 4x 1 bed flats and 2x 2 bed Duplex, Flats 13-18 Block 3 4x 1 bed flats and 2x 2 bed Duplex, Flats 19-24 Block 4 14 x 1 beds and 1x 2 bed Duplex, Flats 25-39 Block 5 13x open plan 1 beds, 9x open plan Duplex and 4x 1 beds, Flats 40-65

Richmond Apartments This is a purpose built detached 3 storey block to the south of Richmond Square constructed in 2002 and refurbished in the last 2/3 years. It is laid out as 6 x 4 bedroom apartments and 2 x 2 bedroom apartments providing 28 double bedrooms in total. There is planning consent for the provision of dormer windows which will enhance the layout of the top floor apartments.

70

C wthe r

Richmond Square

13.1m

109 Richmond Road Adjoining the Richmond Square block to the north, this property comprises a new build end of terrace house incorporated into the main scheme but with potential for separation. This property provides 3 x 1 bedroom flats and 1 no 2 bedroom flat. ( 5 Double bedrooms in total) Access is from Richmond Road with 35 car parking spaces including 2 disabled spaces all within in the central courtyard. A real lane provides access to 16 space integral garage with a further 3 spaces to the rear of 109 Richmond Road. A managers office and store room is incorporated into the Richmond Square block.

Planning Planning permissions for the Richmond Square development including 109 Richmond Road and Richmond Apartments allow unrestricted occupancy of 55 units with 22 units restricted to occupation by students and/or key workers. Copies of the planning permission and Section 106 Agreement are included in the information pack. There is potential subject to approval for conversion of three high vaulted one bedroom units to provide additional bedrooms.

10

78

2

10m

90

0m

2010 Photo Red Line for illustration purposes only.

Warranty

Services

Richmond Square block was constructed by Carter Lauren Construction Ltd and the balance of construction warranties will be made available and assignable to the purchaser.

Mains gas, water and electricity are connected.

EPC Richmond Square: The majority of units are rated Category C. 109 Richmond Road: Two apartments are rated Category C, two apartments Category D.

There are gas fired boilers in Richmond Apartments, underfloor heating in Richmond Square and 109 Richmond Road. We are advised that a fibre optic 1GB service is currently being installed.

Tenure

Richmond Apartments: Category C.

Freehold.

A schedule of EPC certificates is included in the technical pack.

Rental Income

Information Pack The information pack is available via a Dropbox link which will be provided to seriously interested parties on request. The pack contains the following information: JJ JJ JJ JJ JJ JJ JJ JJ JJ

Richmond Square brochure prepared by the managing agents Scheme floor plans. Planning Information Income Schedule Sample AST Agreement EPC schedule Fire safety and Landlords certification Last three years accounts Schedule of fixtures and fitings to be included

A detailed tenancy schedule is available in the information pack. The current gross income is £620,940 per annum. This income level has increased steadily over since the scheme was completed with a 5.68% growth over the last 5 years. The managing agents have confirmed that the development has been fully let for the last 5 years. All tenants are responsible for their own Rates and Utility bills and thus excluded from landlords running costs. The tenant profile is a mix of couples and single students and professionals. All letting agreements are on furnished AST terms. A schedule of furniture will be made available to the purchaser. Tenancy deposits are held under a Tenant Deposit Scheme.

VAT

Viewing

The holding company is registered for VAT, however we are advised that the sale will be carried out as a transfer of going concern.

Strictly by prior appointment.

Terms The asset is to be sold by way of a company sale. 100% of the shares in this single asset company will be transferred to the buyer on completion. Offers in excess of £8,500,000 ( Eight Million Five Hundred Thousand Pounds) are invited.

For further information please contact: Savills Cardiff Gareth Carter Director 02920 368 913 [email protected]

Savills Residential Capital Markets George Hepburne Scott Associate Director 02070 163 761 [email protected]

Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | September 2015

Ross Griffin Director 02920 368 961 [email protected]

Lizzie Whetman Associate Director 02070 163 863 [email protected]