A prime office building in the centre of Cardiff has been sold in a £3.86m deal. The freehold interest in Park House on Greyfriars Road, which extends to 24,000 sq ft and whose tenants includes fintech firm Aforza and communications agency Cowsheds, has been acquired by Arasam from Boultbee Brooks.
Savills and Aurum Real Estate acted for Boultbee Brooks on the deal, with Avison Young acting for Arasam.
The property provides a £362,000 per annum rental income with strong asset management and further development potential.
Ross Griffin, director of the UK investment team at Savills Cardiff, said: “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, said: ”Having acquired the property for Boultbee Brooks in 2017 and undertaken a rolling programme 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, of Boultbee Brooks Real Estate, said: “Sales such as Park House, Cardiff, reflect our ongoing plan to exit smaller assets, allowing us to focus on larger amenity/ESG (environmental, social and governance) rich projects alongside the development of our renewable energy pipeline.”
Andrew Gibson, director at Avison Young and advisor to Arasam, said: “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.”
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