Cardiff office building changes hands for £3m
Aprime office building in the centre of Cardiff, whose tenants include insurance firm Liverpool Victoria, has a new owner.
Park House, located on Greyfriars Road, has been acquired by Boultbee Brooks Real Estate (BBRE) in an off-market transaction totalling £3.05m.
The 25,000 sq ft four-storey building has been sold by NRB Properties, who were represented on the deal by the Cardiff office of property advisory firm Savills.
Other tenants in the building include Sydney & London Properties and property and construction consultants Gleeds.
The property generates an annual rental income of £260,000. Park House, which at one time was owned by the now-defunct Mid Glamorgan County Council, is currently 86% occupied.
Ross Griffin, investment director at Savills Cardiff, said: “NRB Properties was pleased with the successful sale of the asset in line with its current strategy – and with appetite for central, well-let office stock in Cardiff continuing to remain strong, the off-market sale of Park House was testament to this.
“The property is close to the retail thoroughfare of Queen Street and the city’s main rail stations, making it attractive to occupiers looking for a Cardiff base and offers the buyer future asset-management opportunities.”
BBRE were represented by Aurum Real Estate and JLL.
Robert Cannock, of Aurum Real Estate, which are BBRE’s retained portfolio investment advisors, said: “The purchase of this asset continues our strategy of selectively acquiring properties in those established regional markets where there are good opportunities to deliver strong returns through active asset management.
“The property benefits from good fundamentals and floor-plate sizes that are ideally suited to the local occupier demand. It will, however, benefit from a programme of rolling refurbishment in the short term, whilst also providing a solid income base from an established occupier line-up.”
Mr Cannock added: “BBRE have further funds available to commit to this type of acquisition and we will continue to target similar opportuni- ties in the coming months.”
Justin Millett, head of capital markets at JLL, said: “BBRE is an experienced investor with a current portfolio of over £500m.
“Park House is situated in a core office location, with a strong tenant line-up and provides them with an excellent asset-management and repositioning opportunity.”