A unique opportunity to acquire a prime, multi-let office investment with a robust income profile in the heart of Cardiff city centre
- One Kingsway is a landmark Grade A office building located in the heart of Cardiff’s established Central Business District, offering strong rental growth potential and an opportunity to drive investment returns through proactive asset management.
- Prominent position in close proximity to Cardiff’s prime retail and leisure amenities.
- A striking seven-storey office building totalling 68,372 sq ft, with a three-level secure basement car park providing 62 spaces.
- The building is predominantly refurbished to provide a high-quality specification with flexible floor plates arranged around an impressive, full height, central atrium. There are new cycle shower and changing facilities in the basement.
- The property is well let to five tenants with a passing rent of £1,067,836 per annum which equates to a low average rent of £21.25 per sq ft.
- Since acquiring One Kingsway, the vendor has completed significant maintenance and upgrading works costing in excess of £3 million.
- Let to strong tenant covenants including The British Council, Royal Bank of Scotland, PwC and Avison Young.
- Asset management opportunities to increase the rental tone, enhance the income profile and improve the WAULT.
Offers are sought in excess of £17,000,000 (Seventeen Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 7.27% on the contracted income (no top ups) plus only £200 per sq ft on the vacant space, assuming purchaser’s costs of 6.72%.
Based on our opinion of the estimated rental value, the yield will increase to 8.78% once fully let.