Avison Young has completed the acquisition of a 39,000 sq ft office building in central Cardiff on behalf of Delancey for a price of £13million, reflecting a net initial yield of 6.25%.
Occupiers of the building that overlooks Cardiff Castle, include Monzo Bank, Savills, St James’s Place and Welsh Power.
The Grade A property is spread across six floors and includes secure storage for 40 bicycles and a gated parking area for 26 vehicles. The property has undergone recent extensive refurbishment and is rated BREEAM Very Good.
Avison Young’s Real Estate Management team has also been retained to deliver the management of 2 Kingsway.
Richard Howell, Principal at commercial real estate services firm Avison Young says,
“Situated in a prime position overlooking Cardiff Castle, 2 Kingsway benefits from its location to excellent transport links and the city’s retail heart. Cardiff remains attractive to investors seeking well secured assets with strong potential for rental growth.”
Guy Thompson, Principal and Head of Real Estate Management, Regions, Avison Young, says,
“The building’s location, BREEAM rating, recent refurbishment and cycle provision already make it very appealing to occupiers. We are looking forward to maintaining service standards on site, as well as evolving the environmental standards through our sustainability expertise, and enhancing the experience of occupiers.”
Avison Young acted on behalf of Delancey, and JLL acted on behalf of the vendor, Ardstone Capital.