Advisor Savills has launched the sale of Eastgate House in Cardiff for offers in excess of £12 mln (€14 mln). The sale price represents a net initial yield of 9.69% representing a low capital value of £127 per sq ft.
The multi-let office building is owned by Maya Capital and provides a total of 95,000 sq ft (8,825 m2) of accommodation across ground floor retail and first to thirteenth floors of office accommodation. The building has undergone a multi-million pound refurbishment in 2018 both internally and externally, and benefits from excellent on site amenities including a gym, coffee shop and car parking.
Occupiers include Cardiff University, the Secretary of State for Communities and EWC. The current annual passing rent is £1.25 mln reflecting and average rent of £13.32 per sq ft. The property is currently 12% vacant offering the opportunity to drive rental income.
Ross Griffin, director in the UK Investment team at Savills Cardiff, commented: ‘This is an attractive opportunity to acquire a prestigious office building in central Cardiff with established office occupiers in place and further asset management potential to improve rental income.’
