A rare opportunity to acquire a substantial freehold licensed premises with development potential in Cardiff city centre has been presented to the market by specialist property adviser Christie + Co.
The Grade II listed building is adjacent to the former Cardiff Philharmonic Hall on the busy St Mary Street, which is lined with popular entertainment and leisure venues. The Millennium Stadium, Cardiff Castle, St Davids II Shopping centre and Cardiff Central Station are a short stroll away.
The five-storey period property formerly traded as a late-night venue and bar, enjoying an iconic status within the Cardiff nightlife scene. It historically offered three distinct trade areas with a basement level nightclub, a ground floor lounge bar and a mezzanine seating area. The upper floors were utilised as staff accommodation but offer development potential subject to the necessary consents.
John Coggins of Christie + Co’s Cardiff office is handling the sale, he comments: “Cardiff is an exceptionally popular events-led destination offering world class sports fixtures including the Ashes and a number of games in the upcoming Rugby World Cup all taking place in the city. Concerts by major international artists, exceptional shopping facilities, a vibrant student population and an increasingly buoyant local economy have helped cement the city’s position as the entertainment hub for the Cardiff and South Wales Valleys metropolitan area, which has a population in excess of one million.”
“Having recently been named the best city in the UK to live and one of the best in Europe, the Philharmonic offers an increasingly rare opportunity to secure a prime city centre freehold. We anticipate strong levels of interest from property investors looking to acquire a property in the centre of Cardiff with significant scope to add value and leisure operators looking to develop a profitable licensed business in an iconic venue.”
Christie + Co is marketing the property at a guide price of £650,000 and is seeking best and final bids to be submitted by 2 October 2015.