Not all Cardiff shopping centres were created equal. They all have their charms, but some have the luxury of demanding far more princely rents than others.
Rental listings for the city's shopping and leisure complexes and arcades give some interesting insights into how sought-after their spaces are. They not only have a wide range of lease valuations and business rates, but also wildly differing numbers of units available.
It may come as no surprise that St David's Centre commands the highest rent, while the Capitol Centre has a glut of empty space. But according to listings website Realla, the Capitol also has some lofty rent valuations and a couple of offers to consider — and as we reported recently, it may soon go through a renaissance.
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We have trawled the latest Realla listings for Cardiff's shopping centres and brought them together in the list below. Some centres are missing because they don't appear to be marketing any units or the rent valuations aren't posted online.
Red Dragon Centre
Number of units available: One
Rent: £77,500 per year (for 3,973 sq ft on the ground floor)
From the brochure, the available unit appears to be the former site of the Grill 'n' Shake restaurant, in the Red Dragon leisure complex near Cardiff Bay. Its use is classed as A1 (general retail). The term is negotiable but the brochure reads: "Our client is seeking a minimum term of 15 years to incorporate five yearly upward only rent reviews."
St David's Centre
Number of units available: Three
Highest rent: £395,000 per year (for 2,855 sq ft on the first floor)
Lowest rent: £75,000 per year (for 978 sq ft on the ground floor)
Two of the units are on offer for a term of up to 10 years, while the third's lease length is listed as negotiable. The premium rents are coupled with whopping business rates, ranging from £264,480 to £63,119 a year. One of the sites — the 978 sq ft ground-floor space — is under offer.
Capitol Centre
Number of units available: 17
Highest rent: £125,000 per year (for 1,000 sq ft on the ground floor)
Lowest rent:£15,000 per year (for 754 sq ft on the ground floor)
At the time of the writing, two of the units are marked as under offer. One is the highest-rent unit, and the other a 10,640 sq ft basement with a lease valued at £85,000 per year. All lease lengths are listed as negotiable apart from a first-floor unit which is available for a term of up to 10 years. That site takes up 2,069 sq ft, with an annual rent of £25,000. The shopping centre's business rates range from £8,004 to £74,240 per year.
Queen's Arcade
Number of units available: Five
Highest rent: £72,500 per year (for 1,696 sq ft on the ground floor)
Lowest rent: £20,000 per year (for 895 sq ft on the ground floor)
Four of the units are on offer for a term of up to 10 years, while one — the 895 sq ft ground-floor site — is marketed for a lease of up to five years. The business rates range from £16,147 to £26,197 per year.
Mermaid Quay
Number of units available: One with rent listed
Rent: £53,500 per year (for 1,740 sq ft on the ground floor)
This unit in the Cardiff Bay shopping complex is available on a lease expiring in May 2028, though the listing also says the term is negotiable. The business rate is listed as £27,000 per year and its use is classed as A1 (general retail). Mermaid Quay has four other available units but their rent valuations are not listed.
Wyndham Arcade
Units available: One
Rent: £23,000 per year (for 915 sq ft on the ground floor)
This unit — once occupied by Rebel Rebel coffee shop — is under offer. Its business rate is listed as £7,490 per year, under a lease of one to five years. The use is classed as A3 (food and drink). For more shopping stories click here.
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