UK-focused property investment advisory company Delancey, has bought a 39,000 sq ft Grade A office building in central Cardiff for £13 million (€14.7 million), reflecting a net initial yield of 6.25%.
Acquired on behalf of a private client, the six-floor building is let to a diverse range of firms including Monzo Bank, Savills, St James’s Place and Welsh Power.
Located on Kingsway, overlooking Cardiff Castle, the asset has good access to strong transport links and has a weighted average unexpired lease term of 6.6 years.
Avison Young acted on behalf of Delancey’s private client and JLL acted on behalf of the vendor.
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