International real estate advisor Savills, on behalf of PHG Capital, has sold the 2 Riverside Court office building in Cardiff to a private client for £1.515 million, representing a net initial yield of 8.40%.
Located in the well-established Gwaelod-y-Garth industrial estate, 2 Riverside Court has a total floor area of 9,054 sq ft (841 sq m). The property is fully let on a new 15 year lease to Synexus Clinical Research, for a rent of £135,000 per annum. PHG Capital engaged the services of Welsh specialist fit out contractor, Office Image, to undertake a substantial fit out of the property prior to Synexus moving in. Other office occupiers in the immediate vicinity include RSPCA, Environ and Pick Everard.
Ross Griffin, investment director at Savills Cardiff, comments: “We are pleased to have sold the attached for our client, its strong location and tenant makes it an ideal investment opportunity. The deal is reflective of the continued demand we have seen recently from investors in the Cardiff office market.”
Knight Frank acted for the buyer.