JR Smart has sold the No 1 John Street office building in Cardiff to a private investor for an undisclosed price.
Located in the heart of Cardiff city centre and forming part of the Callaghan Square office development, No 1 John Street is let in its entirety to Lloyds Banking Group and was marketed for around £38m.
The building, which was completed earlier this year, offers more than 115,000 sq ft of Grade A space arranged over 10 floors.
Gareth Lloyd, partner at Knight Frank Cardiff, which was appointed to market the opportunity, said: “The sale of No 1 John Street demonstrates the strength and attractiveness of Cardiff’s office market to investors. The asset is best-in-class from every perspective, with a strong covenant in a blue-chip occupier. At the same time, the city is fast becoming one of the most compelling in the UK from an investment perspective, with resilient demand for well‑specified space, a growing pool of ambitious occupiers, and strong rental growth potential.”
Handelsbanken provided funding for the purchase with legal advice from Hugh James. The vendor and buyer were represented by Robertsons Solicitors and JCP Solicitors respectively.
