Tue, 15 Nov 2022 | COMMERCIAL PROPERTY
An office building located in the centre of Cardiff has been put up for sale with an asking price of £17 million-plus. Property advisory firm JLL has been engaged to sell the freehold interest in One Kingsway, a seven-floor, 68,000+ sq ft grade A office building.
The building is currently owned by an undisclosed private charity and is home to a range of tenants, including the British Council, NatWest and Avison Young. The site’s current biggest occupier is PwC, which recently signed a new lease agreement until 2026.
The offices are situated in a prime location in the city centre, overlooking Cardiff City Hall, Cardiff Castle and Civic Centre, and generate rental income of over £1 million a year.
One Kingsway has recently undergone a £3 million refurbishment and features 24/7 access, on-site security, secure on-site parking for 64 cars, secure bicycle store for up to 20 bicycles, full-height central atrium, three passenger lifts, raised access floor and a new 5-cubicle shower block.
In addition to the building, JLL are also marketing the site’s vacant office space, including parts of the ground, third and sixth floors. Part of the ground floor is currently under offer, while the firm says that there is strong interest in the available part of the sixth floor.
JLL says that an acquisition at the asking price would reflect an attractive net initial yield of 7.27 per cent on the site’s contracted income and just £200 per sq ft on the vacant office space. The firm adds that, based on its opinion of One Kingsway’s estimated rental value, its yield would increase to 8.78 per cent when fully let.
JLL Cardiff Lead Director Justin Millett said: “We have been very encouraged by the levels of interest for this high profile landmark building. The asset offers strong rental growth potential and an opportunity to drive investment returns through proactive asset management.”
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