City office buildings put on the market for £5.2m
OFFICE buildings at Cardiff Gate Business Park have been put on the market with a £5.2m price tag.
Acting on behalf of the park property advisory firm Savills is marketing the investment in the two multi let office buildings – in unit 2A Oaktree Court and four units at Copse Walk.
The offer represents an initial yield of 8.63% and a capital value of £134 per sq ft.
Unit 2A Oaktree Court is a three storey office building spanning 6,522 sq ft. The units at Copse Walk total 32,550 sq ft. Both have car parking provision.
Occupiers include the Royal College of Nursing of the United Kingdom, European Scanning Centre (Harley Street) and Advanced Medical Simulation Online.
The properties provide an income, with 93% let or under offer, of just under £482,000 per annum.
Ross Griffin, director in the UK Investment team at Savills Cardiff, said: “This is an exciting opportunity to acquire a multi-let office investment underpinned by the Royal College of Nursing on the premier business park in south Wales. The properties have a secure, steady income with asset management potential and is likely to attract strong interest from investors.”
Moreover, Savills, on behalf of VCD Asset Management, has completed the sale of Briscombe Retail
Park in Barry to a local private property company for £1.35m The sale price reflected a net initial yield of 5.63%.
The retail park, which provides comprises 3,847 sq ft of accommodation, and is let to Greggs and CVS Veterinary Group at a current passing rent of £80,680 per annum.
Mr Griffin said: “We had significant demand for Briscombe Retail Park as the property came with long income in excess of 10 years and had excellent road frontage with value add opportunities. The demand for longer income let assets remains particularly buoyant.”
Powell Lloyd acted for the buyer.