Commercial · For sale

St Patrick's House, Cardiff – Reversionary Grade A Office Investment

Penarth Road, Cardiff, Cardiff, CF10 5JQ

Offers over £12,675,000

Tenure

Freehold

Added

18 Oct 2026

About this property

Transport for Wales Rail Ltd and Network Rail Infrastructure Ltd; less than 150m from Cardiff Central.

Accommodation St Patrick's House is a prominent, 5 storey office building with basement, adjacent to Cardiff Central Station, Callaghan Square and Central Quay. The property has undergone an extensive refurbishment programme, providing high quality Grade A office accommodation, with a high-quality enlarged reception area and large open plan floor plates.

Key points: - Prime location: freehold Grade A office building totalling 51,562 sq ft NIA over basement, ground and four upper floors, with 1:650 sq ft car parking, less than 150m from Cardiff Central Station. - Tenant commitment: demonstrated through recent lease restructuring; TfW removed its 2028 break and Network Rail has signed a reversionary lease from January 2027. - Capital city: Cardiff is the powerhouse of the Welsh economy and the closest European capital to London, one of the UK's core cities. - Transformational infrastructure: directly adjacent to the new Cardiff Crossrail Metro Station, line and public realm, benefiting from over £100m of combined Welsh and UK Government investment. - Placemaking: immediate proximity to the 2.5m sq ft Central Quay mixed-use development and the 40-acre Embankment regeneration. - Secure income: WAULT of 5.42 years to break and 9.87 years to expiry; total marketing rent of £1,227,899 pa. - Reversionary potential: low average marketing rent of only £23.81 per sq ft against Cardiff prime rents of £32.00 per sq ft. - Rental growth: Cardiff forecast to achieve 8.49% pa rental growth over 2026-2028; Grade A vacancy only 2.2%. - Exceptional covenant strength: fully let to Transport for Wales Rail Ltd and Network Rail Infrastructure Ltd, rated 5A2 & 5A1 (Low Risk) by Dun & Bradstreet. - Central Quay: Rightacres acquired the former Brains Brewery site south of Cardiff Central, adjacent to St Patrick's House, to deliver a 2.5m sq ft mixed-use scheme; L&G is investing c.£200m in a 718-unit build to rent scheme on the site.

Figures are taken from the vendor's particulars and are subject to contract. Enquire through PropSale for the full information pack.

Features

• Net Initial Yield: 9.0%
• Marketing Rent: £1.23m pa
• Tenure: Freehold