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.”
One of the best ways to find properties below market price is to look at recent administrations.
Find businesses for sale here.
A well established premium eyewear designer and manufacturer operating throughout the UK and overseas.
A turnkey freehold hotel, restaurant and wine bar business opportunity located in Jedburgh; a pretty town in the Scottish Borders with a high concentration of attractions within small parameters
LEASEHOLD
Represent a West Midland based specialist printing services company seeking an industry savvy acquirer, or an interested newcomer.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Surrey fit-out firm files administration notice | ADMINISTRATION
A major fit-out firm based in Surrey has filed a notice of i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.