Asking Price
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Property Reference Number 10090719662
Year Built 1996
Building Area Net
Occupancy 76.0 %

Asset Description

A unique opportunity to acquire a prime, multi-let office investment with a robust income profile in the heart of Cardiff city centre

Investment Highlights

  • 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.
  • Freehold.
  • 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.

Last Updated Date: 28 Oct 2022

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Last Updated Date: 28 Oct 2022

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