Central Cardiff office block changes hands in £3 million off market deal

06 September 2017

Savills, on behalf of NRB Properties, has sold Park House office building on Greyfriars Road, Cardiff, to Boultbee Brooks Real Estate (BBRE) in an off market transaction totalling £3.05 million, reflecting an net initial yield of just over 8%.

The 25,000 sq ft (2,322 sq m) office building is located in central Cardiff and is multi-let to tenants including insurers Liverpool Victoria, Sydney & London Properties and Gleeds, the property and construction consultants. The property generates an income in the order of £260,000 per annum. Park House has been partly refurbished to provide good quality city centre office accommodation set over four floors. 

Ross Griffin, investment director at Savills Cardiff, comments: “NRB properties was pleased with the successful sale of the asset in line with it 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.”

Commenting on behalf of the purchaser, Robert Cannock of Aurum Real Estate, who is BBRE’s retained portfolio investment advisor, adds: “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 program of rolling refurbishment in the short term, whilst also providing a solid income base from an established occupier line up. BBRE have further funds available to commit to this type of acquisition and we will continue to target similar opportunities in the coming months.”

Justin Millett, head of Capital Markets at JLL, says: “BBRE is an experienced investor with a current portfolio of over £500 million.  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.”

Savills represented the vendor NRB properties and Boultbee Brooks Real Estate were represented by Aurum Real Estate and JLL. 

 

 
 

Key Contacts

Ross Griffin

Ross Griffin

Director
Investment

Savills Cardiff

+44 (0) 2920 368 961

 

Rebecca Allen

Rebecca Allen

PR Officer
Commerical Marketing & Press

Savills Margaret Street

+44 (0) 207 409 8937