Savills and Aurum Actual Property, performing collectively on behalf of Boultbee Brooks, have accomplished the freehold sale of Park Home in Cardiff metropolis centre to Arasam Ltd, for £3.86 million.
The sale worth represents a internet preliminary yield of 8.75% excluding any hire ensures on the vacant house.
The property includes a high-quality constructing that gives basement automotive parking and fashionable workplaces organized over 5 higher flooring (Floor – 4th flooring). The property has lately undergone an intensive refurbishment to offer top quality workplace lodging spanning roughly 24,000 sq ft (c.2,229 sq m). The property is multi-let producing a hire roll of c.£362,000 each year with sturdy asset administration and additional improvement potential.
Park Home is located on Greyfriars Highway within the centre of Cardiff, near the historic Cardiff Fortress. The property additionally advantages from its proximity to Cardiff’s primary retail areas, Queen Avenue and the brand new St David’s 2 retail improvement. The property is a brief stroll from each Cardiff Central station and Queen Avenue commuter railway station, the place there are common companies to the Cardiff suburbs and South Wales’ Valleys. There’s additionally quick access to the property through Cardiff’s primary street community.
Ross Griffin, Director within the UK funding workforce at Savills Cardiff, says:
“This is a superb property which has lately undergone a top quality refurbishment by our consumer. The brand new patrons will profit from this along with the appreciable asset administration potential to enhance the revenue of the property.”
Robert Cannock, Director of Aurum Actual Property, feedback:
“Having acquired the property for Boultbee Brooks in 2017 and undertaken a rolling program of refurbishment, our consumer had considerably repositioned this asset throughout the course of their possession. Having largely concluded their marketing strategy, the choice was made to promote the asset with a purpose to return funds to the enterprise which is able to now be allotted to new alternatives throughout the course of this 12 months.”
James Whitcher, Boultbee Brooks Actual Property, provides:
“Gross sales resembling Park Home, Cardiff replicate our ongoing plan to exit smaller belongings, permitting us to concentrate on bigger amenity/ESG wealthy tasks alongside the event of our renewable power pipeline.”
Andrew Gibson, Director at Avison Younger, and advisor to Arasam Ltd says:
“It was a pleasure working with my consumer, Capital Legislation and all events concerned on this transaction to safe this acquisition. The repositioning works that Boultbee Brooks had undertaken over their tenure, has offered my consumer with an thrilling alternative so as to add additional worth by way of continued refurbishment of this extraordinarily well-located metropolis centre asset. Avison Younger very a lot look ahead engaged on the continued transformation of Park Home over the approaching years.”
