Boultbee Brooks has sold the freehold of Park House in Cardiff city centre to Arasam for £3.86m. The sale price represents a NIY of 8.75% excluding any rent guarantees on the vacant space.
The circa 24,000 sq ft office building, which has recently undergone an extensive refurbishment, is multi-let and produces a rent roll of circa £362,000 per annum.
Ross Griffin, director in the UK investment team at Savills Cardiff, which acted jointly with Aurum Real Estate on the sale, said: “This is an excellent property which has recently undergone a high quality refurbishment by our client. The new buyers will benefit from this in addition to the considerable asset management potential to improve the income of the property.”
Robert Cannock, director of Aurum Real Estate, added: ”Having acquired the property for Boultbee Brooks in 2017 and undertaken a rolling programme of refurbishment, our client had significantly repositioned this asset during the course of their ownership. Having largely concluded their business plan, the decision was made to sell the asset in order to return funds to the business which will now be allocated to new opportunities during the course of this year.”
James Whitcher, from Boultbee Brooks Real Estate, said: “Sales such as Park House, Cardiff reflect our ongoing plan to exit smaller assets, allowing us to focus on larger amenity/ESG rich projects alongside the development of our renewable energy pipeline.”
Andrew Gibson, director at Avison Young, and advisor to Arasam, added: “It was a pleasure working with my client, Capital Law and all parties involved in this transaction to secure this acquisition. The repositioning works that Boultbee Brooks had undertaken over their tenure, has provided my client with an exciting opportunity to add further value through continued refurbishment of this extremely well-located city centre asset. Avison Young very much look forward working on the continued transformation of Park House over the coming years.”
