Savills and Aurum Real Estate, acting jointly on behalf of Boultbee Brooks, have completed the freehold sale of Park House in Cardiff city centre to Arasam Ltd, for £3.86 million. The sale price represents a net initial yield of 8.75% excluding any rent guarantees on the vacant space.
The property comprises a high-quality building that provides basement car parking and modern offices arranged over five upper floors (Ground – 4th floor). The property has recently undergone an extensive refurbishment to provide high quality office accommodation spanning approximately 24,000 sq ft (c.2,229 sq m). The property is multi-let producing a rent roll of c.£362,000 per annum with strong asset management and further development potential.
Park House is situated on Greyfriars Road in the centre of Cardiff, close to the historic Cardiff Castle. The property also benefits from its proximity to Cardiff’s main retail areas, Queen Street and the new St David’s 2 retail development. The property is a short walk from both Cardiff Central station and Queen Street commuter railway station, where there are regular services to the Cardiff suburbs and South Wales’ Valleys. There is also easy access to the property via Cardiff’s main road network.
Ross Griffin, Director in the UK investment team at Savills Cardiff, says: “This is an excellent property which has recently undergone a high quality refurbishment by our client. The new buyers will benefit from this in addition to the considerable asset management potential to improve the income of the property.”
Robert Cannock, Director of Aurum Real Estate, comments: ”Having acquired the property for Boultbee Brooks in 2017 and undertaken a rolling program of refurbishment, our client had significantly repositioned this asset during the course of their ownership. Having largely concluded their business plan, the decision was made to sell the asset in order to return funds to the business which will now be allocated to new opportunities during the course of this year.”
James Whitcher, Boultbee Brooks Real Estate, adds: “Sales such as Park House, Cardiff reflect our ongoing plan to exit smaller assets, allowing us to focus on larger amenity/ESG rich projects alongside the development of our renewable energy pipeline.”
Andrew Gibson, Director at Avison Young, and advisor to Arasam Ltd says: “It was a pleasure working with my client, Capital Law and all parties involved in this transaction to secure this acquisition. The repositioning works that Boultbee Brooks had undertaken over their tenure, has provided my client with an exciting opportunity to add further value through continued refurbishment of this extremely well-located city centre asset. Avison Young very much look forward working on the continued transformation of Park House over the coming years.”
