One of Cardiff's leading office buildings has been acquired in a £13m deal.
The 39,000 sq ft No 2 Kingsway office scheme overlooking Cardiff Castle has been acquired by Delancey — represented by property advisory firm Avison Young — from Ardstone Capital.
The deal reflects a net initial yield of 6.25%.
Occupiers of the grade A office building include Monzo Bank, Savills, St James’s Place and Welsh Power.
The building, across six floors, includes storage for 40 bicycles and a gated parking area for 26 vehicles.
The property has undergone recent extensive refurbishment.
Avison Young’s real estate management team has also been retained to deliver the management of 2 Kingsway.
Richard Howell, principal at commercial real estate services for Avison Young said: “Situated in a prime position overlooking Cardiff Castle, 2 Kingsway benefits from its location to excellent transport links and the city’s retail heart. Cardiff remains attractive to investors seeking well secured assets with strong potential for rental growth.”
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Guy Thompson, principal and head of real estate management, regions, Avison Young, said: “We are looking forward to maintaining service standards on site, as well as evolving the environmental standards through our sustainability expertise, and enhancing the experience of occupiers.”
JLL acted on behalf of Ardstone Capital.