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City centre office building bought up in PS3m deal.

Byline: SION BARRY Business Editor

A PRIME office building in the centre of Cardiff, whose tenants include insurance firm Liverpool Victoria, has a new owner.

Park House, located on Greyfriars Road, has been acquired by Boultbee Brooks Real Estate (BBRE) in an off market transaction totalling PS3.05m.

The 25,000sq ft, four-storey building has been sold by NRB Properties, who were represented on the deal by the Cardiff office of property advisory firm Savills.

Other tenants in the building include Sydney & London Properties and property and construction consultants Gleeds.

The property generates an annual rental income of PS260,000. Park House, which at one time was owned by the now defunct Mid Glamorgan County Council, is currently 86% occupied.

Ross Griffin, investment director at Savills Cardiff, said: "NRB properties was pleased with the successful sale of the asset in line with it current strategy and with appetite for central, well let office stock in Cardiff continuing to remain strong, the off market sale of Park House was testament to this.

"The property is close to the retail thoroughfare of Queen Street and the city's main rail stations, making it attractive to occupiers looking for a Cardiff base and offers the buyer future asset management opportunities."

BBRE was represented by Aurum Real Estate and JLL.

Robert Cannock of Aurum Real Estate, which is BBRE's retained portfolio investment advisor, said: "The purchase of this asset continues our strategy of selectively acquiring properties in those established regional markets where there are good opportunities to deliver strong returns through active asset management."

Justin Millett, head of capital marrkets, said: "BBRE is an experienced investor with a current portfolio of over PS500m.

"Park House is situated in a core office location, with a strong tenant line-up and provides them with an excellent asset management and repositioning opportunity."


Park House has been sold for PS3m

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Title Annotation:Sport
Publication:South Wales Echo (Cardiff, Wales)
Geographic Code:4EUUK
Date:Sep 7, 2017
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