Savills, on behalf of Maya Capital, has launched the sale of Eastgate House in Cardiff for offers in excess of £12 million. The sale price represents a net initial yield of 9.69% representing a low capital value of £127 per sq ft.
The multi-let office building provides a total of c.95,000 sq ft of accommodation across ground floor retail and first to thirteenth floors of office accommodation. The building has undergone a multi-million pound refurbishment in 2018 both internally and externally, and benefits from excellent on site amenities including a gym, coffee shop and car parking.
Occupiers include Cardiff University, the Secretary of State for Communities and EWC. The current annual passing rent is c.£1.25 million reflecting and average rent of £13.32 per sq ft. The property is currently 12% vacant offering the opportunity to drive rental income.
Eastgate House is well-located in the heart of Cardiff City Centre, on the main arterial routes into the Central Business District. It occupies a prominent position on Newport Road and is surrounded by several of the city’s main bus routes and is within walking distance of Queen Street Railway Station and Cardiff Central Railway Station. The main shopping area of Queen Street and the Capitol Shopping Centre are both located within a short walking distance.
Ross Griffin, Director in the UK Investment team at Savills Cardiff, comments: “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.”
