Prime city site on market for £12m
A PRIME office building in the centre of Cardiff has been put up for sale with a £12m-plus price tag.
Savills, acting on behalf of Maya Capital, has put the freehold in interest Eastgate House, on the market.
The 95,000sq ft building has retail on its ground floor and office space from floors one to 13.
Ocupiers include Cardiff University, the Secretary of State for Communities and the Education Workforce Council.
The building generates an annual rental income of £1.25m at a average rent per square of £13.32p. The property is currently 12% vacant offering the opportunity to drive rental income.
Ross Griffin, director in the UK investment team at Savills’ Cardiff office, said: “This is an attractive opportunity to acquire a prestigious office building in central Cardiff with established office occupiers in place and further asset management potential to improve rental income.”
The sale price represents a net initial yield of 9.69% – representing a low capital value of £127 per sq ft.
The building underwent a multi-million pound refurbishment in 2018.