Savills, on behalf of Cardiff Gate Business Park Ltd, has brought to market two multi let office buildings – Unit’s 2A Oaktree Court and F, G, H and J Copse Walk – at Cardiff Gate International Business Park for £5.2 million, which represents an attractive net initial yield of 8.63% and a low capital value of only £134 per sq ft.
Unit 2A Oaktree Court comprises of a three storey purpose built self-contained office building spanning 6,522 sq ft. The property has 29 car parking spaces. Units F, G, H and J were designed as four units providing a total of 32,550 sq ft of office accommodation capable of subdivision. There is car parking for 123 vehicles on site.
Occupiers include the Royal College of Nursing of the United Kingdom, European Scanning Centre (Harley Street) Ltd and Advanced Medical Simulation Online Ltd. The properties provide excellent income with 93% of the scheme let or under offer and generates an income of just under £482,000 per annum.
The buildings are situated on Copse Walk and Oaktree Court at Cardiff Gate Business Park, South Wales’ premier business park location with occupiers including Coca Cola, Mercedes, Audi, and International Baccalaureate Organisation. On site facilities include an Ibis Hotel, crèche, Regus serviced office centre, a Welcome Break featuring Waitrose, Starbucks, WHSmith and Burger King, a Toby Carvery restaurant and pub. The adjacent Cardiff Gate Retail Park includes an ASDA, McDonalds, DFS, Natuzzi and B&Q.
Ross Griffin, Director in the UK Investment team at Savills Cardiff, says: “This is an exciting opportunity to acquire a multi let office investment underpinned by the Royal College of Nursing on the premier business park in South Wales. The properties have a secure steady income with asset management potential and is likely to attract strong interest from investors.”