One of the biggest buildings in the centre of Cardiff has been bought in a multi-million pound deal.
Golate House, which extends to more than 45,000 sq ft and is fully let, has been acquired by Ship Street and ADAPT Real Estate on behalf of Jersey-based investor UKRO in a £9.15m deal.
Property advisory firm Cooke & Arkwright acted for the acquirer on the deal. Savills acted for the vendor in the Aegon Property Income Fund.
The office and retail scheme is located on a 0.5 acre corner site fronting onto St Mary Street, Golate Street and Westgate Street.
Tenants include the National Probation Service, Sonovate, Hamlyn Williams, CPS Group, Gorilla TV, Brewdog, Betfred, Run & Become, Amplifon and Evapo.
James Taylor of ADAPT Real Estate said, “UKRO is delighted with its third acquisition in Cardiff. UKRO has now assembled a portfolio of 15 securely leased office properties spread across the UK’s major regional markets.
"Our investors are of the view that the core fundamentals in the regional markets will prevail in the medium term and we will continue to add to the portfolio.”
Nick Lawley, director at Cooke & Arkwright said, “We are delighted to have helped UKRO secure this investment. It occupies an exceptional position in the city centre close to Central Square and the Principality Stadium, and provides opportunities for further asset management, refurbishment, or redevelopment.
"This deal demonstrates that there is still good appetite from investors for well-located property in the city centre offering further potential.”
