Multimillion pound deal for terraces
A ROW of terraced properties in the centre of Cardiff has been acquired in a multi-million-pound deal.
Garrison Barclay Estates, which has a growing portfolio of industrial, office and resident interests across South Wales, has acquired Landore Court, which extends from 47-53 Charles Street, in an off-market property investment deal.
Built in the 1990s, Landore Court is a detached block of four self-contained office properties.
Cardiff-based Garrison Barclay Estates were advised on the deal by Andrew Gibson of the Cardiff office of international property advisory firm Cushman & Wakefield,
The row of buildings, which extend to just under 22,000sq ft has been acquired from American-owned property investment firm Citruz.
Tenants include Careers Wales and law firm Slater and Gordon. Landore Court has 32 car park spaces.
Currently around 70% let, the office scheme current generates an annual rental income of around £287,000 a year,
However, due to its prime city centre location, Garrison Barclay is confident of moving the scheme relatively quickly towards full occupancy.
The property firm currently owns around 500,000sq ft of industrial and 100,000sq of office space across south Wales.
Its chief executive Andrew McCarthy said: “We are delighted to add to our growing office portfolio with this investment acquisition of Landore Court.
“Due to its prime location in the centre of Cardiff we are confident of attracting new tenants to the scheme, underpinned by strong occupier interest in the marketplace.
“It adds to our growing portfolio in South Wales which already includes offices at Mill Street, Newport and in Cardiff, Caerphilly and Llantrisant.
“And we have more than 100 acres of residential land where we currently working up development plans.”
Mr Gibson said: “I am extremely pleased to have secured this strategic city centre asset for our client.
“Office rents continue on an upward trend and other long term options for the building provide an excellent asset management opportunity for a locally based investor such as Garrison Barclay Estates.”
The value of the deal has not been disclosed, but is understood to be a multimillion-pound one.