Bradley Court and 11 Park Place Cardiff

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1 Bradley Court and 11 Park Place Cardiff Employment Land Report Prepared for Vita (Cardiff) 1 Limited 21 April 2017 Marchmount House Dumfries House Cardiff CF10 3RJ

2 Table of Contents 1. Introduction The Existing Offices at Bradley Court and 11 Park Place The Quality of the Existing Office Accommodation The Lettability of the Office Accommodation The Bradley Court and 11 Park Place Location The Bradley Court and 11 Park Place Offices The Marketing History of Bradley Court and 11 Park Place Offices The Cardiff Office Market The Prime Office Location and the Supply of Grade A Offices The Supply of Grade B Offices The Total Supply of Vacant Offices in the Cardiff Market The Take Up of Offices in the Cardiff Market Current Market Characteristics Conclusion Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

3 1. Introduction You have instructed us to prepare a report to accompany a planning application to change the use of the buildings at Bradley Court and 11 Park Place from offices to student residences, and to consider the existing Bradley Court and 11 Park Place office accommodation in the context of the wider office market within Cardiff. In particular, you have asked that we consider Bradley Court and 11 Park Place in the context that Cardiff should maintain a range and choice of office accommodation for business use. Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

4 2. The Existing Offices at Bradley Court and 11 Park Place Bradley Court and 11 Park Place occupy a prominent position at the junction of Park Place and Boulevard de Nantes just north of the main shopping area of Queen Street and St David s Shopping Centre which is a few minutes walk away. The buildings are in close proximity to Cardiff University and the main Civic Buildings including Welsh Government s principal administrative offices at Cathays Park, National Museum of Wales and Cardiff City Hall. The Bradley Court building was developed by Bailey Group in 1988 and was joined to 11 Park Place via a glazed atrium which was also comprehensively refurbished and extended during the same construction period. These 4 storey buildings provide a variety of floor plate sizes and some restricted height accommodation in the upper floor. A site layout plan is attached as Appendix 1 with the extent of the Vita (Cardiff) 1 Limited edged in red and photographs of the different buildings are attached as Appendix 2 below. When Bradley Court and 11 Park Place was developed / refurbished it was located in Cardiff s premier office location (CBD) and it was immediately pre-let to Morgan Cole (Blake Morgan). The Net Internal Area of the buildings are as summarised below: Floor Bradley Court (sq ft) 11 Park Place (sq ft) Lower Ground Floor 1,866 1,525 Ground Floor 4,669 2,262 First Floor 4,883 2,300 Second Floor 4,883 2,259 Third Floor 4,860 1,825 Total NIA 21,161 10,171 An aerial photograph identifying Bradley Court and 11 Park Place is attached as Appendix 3 below. Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

5 3. The Quality of the Existing Office Accommodation Although this was one the City s premier office developments in the late 1980 s the existing office accommodation is now dated and does not meet the requirements of most business organisations in the 21 st century. The specification of the offices can be summarised as follows: External elevations of facing brickwork Partially accessible raised floors Suspended ceilings with recessed lighting Male and female WCs A mixture of double glazed and single glazed windows Painted and plastered walls internally Passenger lift within each building Gas fired central heating and partially air conditioning. The buildings have weathered well during the last 25 years and they retain an acceptable external appearance but internally the office accommodation is now of basic standard and in many respects it is now of a quality which would be unacceptable to all prospective tenants. If any developer / investor wanted to let these vacant offices they would need to comprehensively refurbish the property, and consider as a minimum the following works: New LED recessed lighting New suspended ceilings New double glazing New WC fittings New Air handling / cooling installations (air conditioning) The provision of disabled WC facilities The provision of new lift installations which comply with the provisions of The Equalities Act. The core areas within the buildings are tight and they have something of a claustrophobic feel when compared with more modern office buildings. The core areas are obviously an integral part of the basic structure of a building and there is very little that can be done to alter and improve that characteristic. In addition, the floor to ceiling height in the existing buildings is restrictive and is insufficient to accommodate a good quality office refurbishment / upgrade project which would ideally seek to include full raised access flooring and an air conditioning / comfort cooling system. Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

6 4. The Lettability of the Office Accommodation 4.1. The Bradley Court and 11 Park Place Location Whilst the Bradley Court / Park Place location was regarded as Cardiff s prime office / business location within the City Centre in the late 1980 s, this location would now be considered the more traditional office location. The focus since the 1980 s has changed and Cardiff s prime office location is now centered on Callaghan Square and more recently Central Square and the locality surrounding Cardiff Central Train Station. A Location Plan identifying the location of Bradley Court and 11 Park Place and Callaghan Square / Central Square is attached below as Appendix 4. The office buildings in Callaghan Square were developed by MEPC and Rightacres Property Co Ltd from 2002 and several of Cardiff s leading business organisations have since relocated from the traditional area to new Grade A offices in Callaghan Square. Companies which have relocated include: Eversheds Solicitors Deloitte Accountants Lloyds TSB British Gas Most of these businesses which relocated from the traditional office area did so because: Their existing offices had become dated and substandard. The locality had become a mixed use area of the City with several former office buildings being converted for alternative uses. The prime office area was rapidly being established around Callaghan Square / Central Square. The new Grade A office accommodation required by these occupiers was being developed in the new prime office area around Callaghan Square. Office occupiers have increasingly favoured larger open plan floor areas. Examples of former office buildings on the eastern side of the City Centre being converted from offices for alternative uses between 2000 and 2010 include: Address Size Sq ft Previous Office Occupier New Alternative Use Newport Road 150,000 Chartered Trust Banking Group The Mercure Hotel Fanum House Newport Road 85,000 The AA Private apartments Newport Road 120,000 Admiral Insurance Plc Private apartments Helmont House Churchill Way 100,000 British Gas Premier Inn Hotel Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

7 Address Size Sq ft Previous Office Occupier New Alternative Use Cromwell House, Fitzalan Place 25,000 Curzon Properties The University of South Wales More recently in 2013/17 a number of former office buildings in the immediate vicinity of Bradley Court and 11 Park Place have been granted consent for student residence use, including: Address Student Residence Developer No. of Beds Shand House Newport Road Windsor House Windsor Lane Caradog House St Andrews Place The Mansion Group 198 Fusion Students 322 Crown Student Living Park Place The Charnwood Group 36 (+15) Cardiff School of Arts & Design Howard Gardens Summit House Windsor Place Fitzalan Court Newport Road Fusion Cardiff Metropolitan Ltd 671 Collegiate AC 87 PMG McLaren 355 So the whole character of this eastern side of the City has changed significantly since Bradley Court was developed in the late 1980 s. The Park Place locality is no longer a recognised as a prime business location; there is now a diverse mix of different property uses in this area of the City. The predominant uses being education, student accommodation and residential. The Windsor Place, St Andrew s Crescent and Park Place addresses will continue to have an appeal for office use by the smaller professional firms but medium and larger sized businesses are increasingly preferring to operate in open plan format and often on single floors; they therefore need to select larger office buildings which offer larger floor plates and in an increasingly competitive business environment many of the medium and larger sized organisations will require Grade A offices to enable them to drive greater operational efficiencies and to enable them to attract and to retain the best staff. Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

8 4.2. The Bradley Court and 11 Park Place Offices We have referred in paragraph 3 above to the quality of the office accommodation within Bradley Court and 11 Park Place. Although the buildings have a reasonable external appearance the quality of the offices and the core areas internally is basic and has been unimproved during the last 25 years. In principle, the lettable office areas could be improved cosmetically, however there are physical limitations to the extent of improvements that could be undertaken to the cores and the common areas within both buildings. Any developer / investor will also be acutely aware that with the rapidly changing characteristics of the locality there will be a limit to the level of rent that any tenant will pay for upgraded offices in what is now clearly regarded as a secondary office location. If the market is not prepared to pay more than say per sq ft net for refurbished space in this location there will be a strict limit to the level of capital expenditure that an investor will be prepared to spend on any upgrading works given the restricted rental return that they can expect to receive when the offices are let on completion of those improvement works. Notwithstanding the likely void periods and initiatives that will be incurred when looking to attract larger tenants to this location. Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

9 5. The Marketing History of Bradley Court and 11 Park Place Offices In April 2015, Lambert Smith Hampton marketed the buildings as an investment property, let to the previous tenant Blake Morgan with their tenancy holding over from expiry in August The Landlord and Tenant were progressing through Court proceedings at this time, looking to establish the terms for the interim rental levels before Blake Morgan s intended exit from the buildings in spring This process resulted in a sale to Ocubis, a speculator who was looking to explore the possibility of a number of uses upon the site, including that of a new modern office building. During their period of ownership Ocubis appointed local planner DPP to undertake a review of the sites potential and they engaged with the local market, looking to establish interest from office occupiers in this location. Ocubis eventually appointed Cushman & Wakefield to provide them with a marketing presentation / report for the site, whilst simultaneously engaging with the local planning authority to review the potential for the site. The outcome of this exercise resulted in findings that confirmed Ocubis thoughts on the lack of viability for a new speculative office scheme in this location. In brief the presentation outlined the following: Traditional office location (not CBD) Construction cost in this location would not differ from that in the CBD Rents generated from a new building within this location would be lower than the rents achieved in the CBD Office occupier interest in the location would be from smaller firms, not the larger requirements which were focusing on Central Square, Capital Quarter and alike These smaller firms in the majority will not provide the covenant strength to support the lower rents paid and therefore further negatively affect scheme viability The viable demand for this location would be for residential and student residential use Given the lack of viability for an office scheme, Ocubis instructed Cushman & Wakefield to market the site in September In undertaking this marketing process, the following marketing initiatives were undertaken. A detailed marketing brochure was created, a copy of which is contained in Appendix 5 below. This was circulated widely to all relevant private and public sector organisations, to national (UK wide) commercial agents and to all potential tenants known to have an office requirement in the Cardiff area. In total this brochure was sent to over 5,200 property principals and agents throughout the UK and a number of specific global contacts. Given the size and location of this asset, C&W received significant interest in the site which resulted in a shortlist of 23 parties who all carried out due diligence on the potential acquisition. Cushman & Wakefield can confirm that no interest was shown from any parties that were considering the development of this site for office use. As result of a full marketing process, Select Property Group were selected as the preferred purchaser and this transaction was exchange in December 2016 and completed in January Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

10 6. The Cardiff Office Market 6.1. The Prime Office Location and the Supply of Grade A Offices Cardiff dominates the office market in the South Wales region and within Cardiff the market is recognised as having 3 distinct geographical sections being the City Centre, Cardiff Bay and the out of town locations including for example St Mellons, Cardiff Gate, Coryton and Llanishen. The prime business district (CBD) within Cardiff is now well established around Callaghan Square and Central Square, both are in close proximity to Cardiff Central train station. The existing Grade A quality office buildings which have been built in the Callaghan Square locality during the last 10 years total approximately 500,000 sq ft and in addition to that existing accommodation: i. Rightacres completed the construction of One Central Square in This is a 135,000 sq ft BREEAM Excellent office building situated immediately on the northern side of Cardiff Central Station. ii. iii. iv. J R Smart is developing the mixed use Capital Quarter scheme on the eastern side of Callaghan Square. C.200,000 sq ft of Grade A offices are already completed there and an additional 85,000 sq ft is in the course of construction and due for completion by early/mid The southern and eastern sides of Callaghan Square have development sites allocated for office use with a capacity to provide approximately 800,000 sq ft of new offices in the foreseeable future. The Master Plan for Central Square, immediately on the northern side of Cardiff Central Station, envisages around 1,000,000 sq ft of accommodation being constructed during the course of the next 5 years. Rightacres and Cardiff City Council will undertake the different phases of development in a joint venture capacity and they have already pre-let a number of the office buildings including: The BBC 165,000 sq ft Hugh James 100,000 sq ft The School of Journalism, Cardiff University 35,000 sq ft Central Government GPU Requirement 350,000 sq ft v. Immediately on the southern side of Cardiff Central Station, it has recently been announced that a scheme known as Central Quay incorporating predominantly the Brains Brewery Site and Network Rail train station car park is being master planned. This scheme is set to include a c.1,000 space multi-storey car park and around 1,500,000 sq ft of new mixed use development which could include 750,000 sq ft of new Grade A offices. The current supply of Grade A offices in Cardiff, and the future development supply pipeline in the short and medium term is therefore well catered for in and around Callaghan Square, Capital Quarter and the Central Square locality on the southern side of Cardiff City Centre. Grade A offices have also been constructed within the Cardiff Waterside Estate in Cardiff Bay during the last 10 years. 20,000 sq ft still remains available within the 3 Assembly Square office building and development sites in that immediate locality are allocated for new Grade A office buildings with the potential to provide approximately 500,000 sq ft. The Cardiff Waterside Estate is owned and managed by Aviva Investors. The Porth Teigr Estate on the south side of Roath Basin in Cardiff Bay is owned in Igloo Investors. There is the potential there to provide new Grade A offices to sit alongside the existing Glow Works office building (30,000 sq ft) and the BBC Drama Production Studios. Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

11 Although no new office development activity has been undertaken in out of town locations around Cardiff during the last 5-7 years, in the preceding years extensive new office development was undertaken to provide a significant critical mass of Grade A and Grade B offices in established locations such as St Mellons, Cardiff Gate, Coryton, Llanishen and Ocean Park The Supply of Grade B Offices The Cardiff market has a constant supply of Grade B and C office space and this is really a function of the regular churn activity that occurs on a year-by-year basis as office occupiers relocate to satisfy their business and operational priorities. As tenants vacate older accommodation it provides landlords with the opportunity to upgrade and to improve older stock for re-letting. Specific city centre office refurbishment / upgrading projects which are at different stages of being progressed include: Address Owner Size Sq ft The Enabling Activity Eastgate House Newport Road Capital Tower Greyfriars Road The Friary Greyfriars Road Helmont House Churchill Way Portcullis House Cowbridge Road East Israeli Investor 30,000 Various lease expiries Topland Plc 70,000 Admiral Insurance relocated to new HQ Topland Plc 40,000 Admiral Insurance relocated to new HQ (recently let) Cordia Savills 80,000 British Gas relocated to new HQ in Callaghan Square Andrews / Coppell 40,000 Public sector tenant lease expiry (recently let) Brunel House Morgan Capital 50,000 Admiral relocated to new HQ Marchmount House Dumfries Place Sydney & Cardiff Properties 12,000 DTZ downsizing from original head lease Haywood House Dumfries Place Schroeder Fund 35,000 Various lease expiries Recently part let (16,500 sq ft) Windsor Place Julian Hodge Bank 12,000 Former JHB property Oakleigh House Park Place Castlebridge Cowbridge Road East Mayfair Capital 20,000 Finance Wales relocated to Capital Quarter Ashfield Land 15,000 Various lease expiries TOTAL: 404,000 Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

12 Within these buildings and others as shown in Appendix 6, floor plates of a variety of sizes are available to the market. In the majority, these buildings within the city centre accommodate for smaller requirements of between 1,500 sq ft to 5,000 sq ft which traditionally would be seen as the churn of the Grade B / C office take-up. However, in recent years city centre take up of office accommodation in the sub 5,000 sq ft letting market has only seen 79,227 sq ft (2015) and 97,562 sq ft (2016) from total City Centre take up figures of 451,044 sq ft and 477,612 sq ft respectively. This has left a number of buildings in this smaller areas sector of the market, vacant for a number of years. The knock on effect is a reduction in the viability of refurbishment projects as the market see s buildings such as Marchmount House, undergoing a full refurbishment in mid-2015 and still having 2 floors of 2,678 sq ft and 3,234 sq ft vacant in April Empty rates, service charge shortfall and the lack of return on the capital expenditure required, well over and above that of any previous tenants dilapidations contributions/works restrains landlords from investing in this competitive and well supplied area of the market The Total Supply of Vacant Offices in the Cardiff Market Cardiff is believed to have a total stock of offices in the region of 10m sq ft and the availability of vacant offices for new lettings / sales usually averages in the region of 1.2m sq ft at any particular time from year to year and spread across the 3 geographical sections of the market. Appendix 6 contains a schedule of office space in Cardiff which is currently available for new lettings and sales. That schedule indicates current availability totalling some 1,194,144 sq ft The Take Up of Offices in the Cardiff Market The annual take-up figures in the Cardiff office market have varied quite significantly in recent years but the average annual take-up over the last 6 years is 524,000 sq ft per annum spread across the 3 geographical sectors of the market. The graph below refers to the details relating to each of the last 12 years. Annual Cardiff Office Take Up SQ FT 700, , , , , , , , , , , , , , , , , , , , YEAR Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

13 SQ FT Bradley Court and 11 Park Place Cardiff 7. Current Market Characteristics In the last 18 moths prime Grade A rents have moved from the 10 year static position of 22 per sq ft to the 2016 headline prime Grade A deal of 25 per sq ft agreed on c.100,000 sq ft at 2 Central Square with a pre-let to Hugh James Solicitors. The market has witnessed increased prelet activity and we expect this trend to continue with interest already being shown in new Grade A office developments at One Canal Parade (54,000 sq ft) and 3 Capital Quarter (85,000 sq ft). Grade B rents vary significantly from per sq ft depending on the quality of the offices and their location. Although Grade A rents have increased significantly, Grade B office rental levels in the Cardiff market have only risen marginally during the course of the last 10 years. Particularly in the Grade B market, Landlords are still prepared to adopt a flexible and a competitive view in order to retain their existing office tenants and to attract new tenants. To avoid the costs of holding vacant offices landlords will accept shorter term leases and tenant s break options and they will grant rent free and other incentives. Cardiff City Centre Take Up By Grade Grade A Grade B Grade C YEAR As the above graph indicates, take up of Grade B offices specifically in Cardiff city centre over the last 6 years totalled some 851,784 sq ft, which only equates to approximately 141,964 sq ft per annum. Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

14 8. Conclusion It is our opinion that removing the Bradley Court and 11 Park Place office accommodation from the Cardiff market will have no adverse effect on the overall range of lettable offices or the choice that is available to prospective office tenants. The Park Place traditional location is clearly no longer a recognised prime office location within the centre of Cardiff and in the short to medium term future it is likely to continue to lose favour even with some of the small and medium sized businesses. It is already a location which is no longer considered by the vast majority of larger business organisations who require better quality accommodation with larger floor plates; those office buildings are now all located on the south side of the City Centre in and around Callaghan Square / Central Square. The existing Bradley Court and 11 Park Place office buildings are now dated, the general quality of the accommodation is poor and the buildings have structural restrictions which limit the extent to which upgrading and improvement works can be introduced. At the same time the upper level of rent that the landlord could expect to achieve for letting upgraded offices will put a significant restriction on the amount of capital that they could justify spending on any improvement works. Any refurbishment of these buildings will rely on the smaller requirements to form a multi-let asset, as larger requirements favour the CBD area around Callaghan Square / Central Square. With take-up in this sub 5,000 sq ft market being minimal in recent years, a prudent landlord/investor would not refurbish these buildings to accommodate requirements that are already well catered for within the city centre. Cushman & Wakefield undertook a comprehensive marketing campaign of the existing offices at Bradley Court and 11 Park Place which did not generate any interest from the office development / refurbishment market. If the Bradley Court and 11 Park Place offices are removed from the market there will still be a significant supply, currently 1,194,144 sq ft, healthy pipeline and a varied choice of Grade A and Grade B office accommodation for prospective tenants to consider for the foreseeable future. Andrew Gibson Partner andrew.gibson@cushwake.com Direct Mobile Fax Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

15 APPENDIX 1 SITE PLAN Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

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17 APPENDIX 2 PHOTORGAPHS OF BUILDING Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

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20 APPENDIX 3 AERIAL PHOTOGRAPH Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

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22 APPENDIX 4 BRADLEY COURT IN RELATION TO ESTABLISHED PRIME OFFICE LOCATION Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

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24 APPENDIX 5 MARKETING BROCHURE Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

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33 APPENDIX 6 TOTAL SUPPLY OF VACANT OFFICES IN THE CARDIFF MARKET Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

34 PROPERTY ADDRESS GRADE SIZE (Sq Ft) Lambourne Cres Cardiff Business Park B 1988 Former SA Brains & Co Ty Glas Ave C Wentloog Ave B 5000 Tuscan House Beck Ct B 2200 Old Probate Registry 49 Cardiff Rd C 850 Vision Court Caxton Pl A Pendragon House Caxton Pl B 1000 Global Reach Celtic Gateway Business Park A Adt House Copse Walk B 9731 Copse Walk B 8293 Rhymney House Copse Walk B 9994 St Hilary Court Copthorne Way C Cowbridge Rd E B 2500 Radnor Court 256 Cowbridge Rd E B 2032 Cowbridge Court Cowbridge Rd W B 750 Earlswood Rd B 549 Alexander House Excelsior Rd B 2695 Links Court Fortran Rd B 1552 Castleton Court Fortran Rd B 6668 Abacus House Fortran Rd B Charterhouse 1 & 2 Fortran Rd B 8780 Conway House Fortran Rd B 6547 Fortran Rd B 8793 Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

35 Resolven House Fortran Rd B 3017 Maple House Greenwood Clos B 2680 Lanesborough House Heol Y Rhosog B 900 Bevan House Lambourne Cres C Lambourne House Lambourne Cres B Units Lambourne Cres B 8116 Purbeck House Lambourne Cres B 3117 Cleeve House Lambourne Cres B 3846 Lancaster House Maes Y Coed Rd B 4157 Mulberry Dr B 3533 Oak Tree Court Mullberry Dr B 2187 Parkway B 465 Parkway Pky B 2300 Gleider House Ty Glas Ave C Ty Rhodfa Ty Glas Ave B 5427 Ty Nant Ct B 2450 River House Ty Nant Rd B 6296 Building 2 Wern Fawr Ln B 5061 Building 1 Wern Fawr Ln B Building 3 Wern Fawr Ln B Deryn Court Wharfedale Rd B 1000 Deryn Court Wharfedale Rd B Whitchurch Rd C Merthyr Rd C North Rd C A Whitchurch Rd C 439 Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

36 Pod Unit 2 Leckwith Rd B 2250 Waterfront Raleigh Walk B 2,620 Wharton Place 13 Wharton Street B 2,088 1A Brewery Quarter B 1,490 2 Callaghan Square 2 Callaghan Square A 21,851 3 Regents Court B 1,379 5 Regents Court B 2,767 Ivor House Bridge Street B 1,872 Portland House Bute Street C 7,930 Harlech Court Bute Terrace C 12,192 Ocean Building Cardiff Bay B 1,720 Caspian Point, 2 Cardiff Waterside A 3,151 Emperor House Cardiff Waterside A 2,288 Queen Alexandra House Cargo Road A 2, Castle Street Castle Street B 1, Cathedral Road Cathedral Road C 3, Cathedral Road Cathedral Road B 3, Cathedral Road Cathedral Road B 2,749 22, Cathedral Road Cathedral Road B 1,500 Cathedral Road Cathedral Road C 9,384 The Mews Cathedral Road B Cathedral Road B Cathedral Road Cathedral Road B Charles Street, Charles Street B 2, Churchill Way Churchill Way B 1,832 Churchill House Churchill Way B 8,806 Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

37 Helmont House Churchill Way B 2,462 Landmark Place Churchill Way B , Castlebridge Cowbridge Road East B 7, Cowbridge Road East Cowbridge Road East C 6,573 Rawden House Cowbridge Road East C 2,282 8 Coopers Yard Curran Road B 1, Custom House Street Custom House Street B 2,213 9 Drake Walk Drake Walk B 2,598 Drake Walk B 2,481 Haywood House North Dumfries Place B 16,900 Marchmount House Dumfries Place B 5,912 Trident Court East Moors Road B 5,381 Building 54 East Moors Way C 7,277 Maltings East Tyndall Street B 4,760 Edward House Dowlais Road B 8100 Trafalgar House Fitzalan Place B 15,891 Fitzalan House Fitzalan Place B 8,259 Brunel House Fitzalan Road B 41,625 Fulmar House B 4,932 Capital Tower Greyfriars Road B 34,113 Friary House Greyfriars Road B 15,718 Park House Greyfriars Road B 9,600 Capital Tower Greyfriars Road B Guildford Street Guildford Street C 1,208 Hunters Loft Harrowby Lane C 4,215 Unit 1 Sovereign Quay Havannah Street B 2,589 Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

38 James Street C 1,322 Creative Quarter Morgan Arcade B Coptic House Mount Stuart Square C 2,221 Colum Buildings Mount Stuart Square C 4,215 Marine House Mount Stuart Square C 5,515 Mount Stuart House Mount Stuart Square C 3,043 Phoenix House Mount Stuart Square C 3,767 Aberdare House Mount Stuart Square B Museum Place B 2,250 6, Regents Court Nettlefold Road B 3,072 Trojan House, Regents Court Nettlefold Road C 1,485 Eastgate House Newport Road B 9,663 Longcross Court Newport Road B 15,888 Eastgate House Newport Road B (Plot 5D) Ocean Way Ocean Way B 5,322 Eastmoors House Ocean Way B 2,235 Neptune Court Ocean Way B 4,884 3 Neptune Court Ocean Way B 2,200 Mariners House Ocean Way B Park Grove Park Grove B 1, Park Place Park Place B 5, Park Place Park Place A Former Jr Freeman & Son Ltd Penarth Road C 7,965 St. Patricks House Penarth Road B 51, St Andrews Crescent St Andrews Crescent B 1,439 Caradog House St Andrews Place C 35,745 Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

39 23 & 7 St Andrew's Crescent St Andrew's Place C 5, St Mary Street B /48 St Mary Street St Marys Street C 2,085 Elgin House St. Mary Street B 4,644 The Parade The Parade B 3,000 The Old Convent The Walk B 4,502 Bonded Warehouse Tyndall Street B 3,131 Unit 2 Scott Court B 2,910 Walters Buildings B 5, West Bute Street West Bute Street C 4,420 West Bute Street C 4,050 Parkgate House Westgate Street B 58,152 CSV House Williams Way C 17,281 19, Windsor Place Windsor Place B 3, Windsor Place Windsor Place B 3,975 30&31 Windsor Place B Womanby House Womanby Street B 1,404 Southgate House Wood Street B 4,237 Southgate House Wood Street B 4,237 Southgate House Wood Street B 4,237 Southgate House Wood Street B 4,037 Southgate House - Landlord Wood Street B 32,945 Stadium Plaza Wood Street B 2,168 One Central Square A Cardiff St Mary Street B Y Lanfa West Bute St A 2, Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

40 Cook Court Pacific Way B 2, Edward House Ocean Way B & 31 Windsor Place B 5525 (2 nd floor) 40 Windsor Place B Windsor Place B 2400 Cromwell House Fitzalan Place C Cambrian Buildings Mount Stuart Square C 5629 No.2 Capital Quarter Ellen Steet A Oliver House High Street B Assembly Square Cardiff Waterside A TOTAL 1,194,144 Cushman & Wakefield Vita (Cardiff) 1 Limited 21 April

41 Andrew Gibson Partner Direct Mobile Fax Disclaimer