Delancey acquires Cardiff City Centre office building for GBP13m
UK-focused property investment, development and asset management advisory company Delancey, has acquired a c39,000 sq ft Grade A office asset in Cardiff for GBP13 million, reflecting a net initial yield of 6.25 per cent.
Acquired on behalf of a private client, the asset is a newly refurbished BREEAM Very Good (certified standards) office building is spread across six floors with secure storage for 40 bicycles and a gated parking area for 26 vehicles. The office is let to a diverse range of occupiers including Monzo Bank, Savills, St James’s Place and Welsh Power and has a WAULT of 6.6. years.
Located on Kingsway, overlooking Cardiff Castle, the asset has good access to strong transport links with both Cardiff Central Railway station and Cardiff Queen Street station within a ten minute walk. The building benefits from also its close proximity to the Cardiff Castle Quarter, an independent retail destination with a wide range of retail, leisure and f&b offerings.
John Kehoe, Investment Director of Delancey, says: “We are happy to have secured this asset on behalf of our client. We are confident the acquisition will continue to provide a diverse, resilient income stream that meets with their investment objectives. We look forward to sourcing and securing further attractive investment opportunities on behalf of this mandate.”
Avison Young acted on behalf of Delancey’s private client and JLL acted on behalf of the vendor, Ardstone on behalf of CBREG.