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Cardiff Commercial Building IRO
First building to be introduced on-chain via CitaDAO
Photos of 56 Queen Street, CitaDAO genesis IRO building

IRO Outcome:

Status: Failed
Total Commitment: $8,046,670 (68.9%) out of the $11,680,540 to meet soft cap

Key Facts

Address: 56 Queen Street, Cardiff, CF10 2PX, UK
IRO value: $20,690,000
IRO date: 8 March 2022, 00:00 UTC
IRO duration: 10 days
IRO reward: $1,000,000
APY Floor: 176%
IRO contract: Etherscan
Dashboard: Dune Analytics
CitaDAO is pleased to present a heritage property for Introducing Real Estate On-chain (IRO): a commercial building along Queen Street in Cardiff, the capital city of Wales.
The property is a freehold commercial building with approximately 6,900sq ft of accommodation arranged over basement, ground, mezzanine, and first floors.
Located on the southern side of the pedestrianized Queen Street, the property is in close proximity to the entrance of St David’s Shopping Centre and approximately 0.5 miles northeast of Cardiff Central station.
CitaDAO is inviting interested individuals to participate in the IRO of this property. This rare opportunity allows individuals to secure the rights to a yield accretive heritage building in Cardiff, which unlike most of other UK regional cities, does not show evidence of outwards shifting yields as a result of Covid-19.

Highlights

Fair Value

  • Property located in city centre of Cardiff, Wales
  • Prime city location and freehold status: these translate into less volatile asset prices since it will always be in demand
  • Well sized property (~6,900 sq ft) means that there is always someone who can afford to make an offer to buy it as compared to a big office tower [smaller price quantum]

Stable rental income

  • Currently leased to Blue Chip Global Bank, one of the world’s largest banking and financial institution that pays regular rent
  • Annual rent review with a collar and cap of 3% to 5%: provides stability of rental income
  • Property’s prime location attracts high quality tenants: easy to find replacement tenant with its size and location

Inflation hedge

  • Inflation-adjusted rental income
  • Coupled with its city centre location, there will be minimal risk of running into low or zero occupancy

Historic building

  • Heritage building status - building constructed in 1919
  • Iconic building which comprises a front elevation of Portland stone on a granite plinth incorporating three giant bays of giant ionic border columns, tall rectangular windows, each with a circular lunette overhead
  • You can own a piece of history in the centre of Cardiff

Factsheet

Property Type: Commercial
Lot Size: ~2,790 sqft
Rental Yield: ~4.3%*
Year built: 1919
Rental Escalation: 3-5% Per Annum
Tenure: Freehold Estate in Perpetuity
Satellite view of building