DTZ has successfully sold two separate office buildings at Cardiff Gate International Business Park, South Wales’ premier business park location situated at Junction 30 of the M4 motorway.
Acting for R J Rendell Property Partnership, DTZ was appointed to dispose of 1 Ashtree Court, Woodsy Close a modern two storey self-contained office building comprising 3,920 sq ft (364 sqm).
Chris Terry, Associate Director at DTZ who represented the landlord said: “We are very pleased to have concluded the sale of the property in what has been a challenging few years for the Cardiff out of town freehold office market.”
The property was sold to an owner occupier, Ian Williams (Holdings) Limited for an undisclosed price.
DTZ also successfully completed the sale of Beechwood House, which is occupied by ADT Fire & Security Plc. Under the instruction of Purabuild Limited, DTZ sold Beechwood House to LTA Gallop Partnership for £600,000 which reflected a net initial yield of 8.54%.
Andrew Gibson, Associate Director at DTZ who represented the vendor said: “The completion of this sale represents a statement of confidence from investors to look once again at the best in class business park locations, following a number of years where these business parks have been out of favour. The sale of this property was brought to a close with a competitive sealed offers scenario which allowed DTZ to generate an excellent result for the client.”
Further evidence of the resurgence of confidence in Cardiff Gate Business Park is DTZ’s recent 48,594 sq ft letting of Sterling House to International Baccalaureate which represents the largest office letting in Wales for three years. In addition International Baccalaureate’s former building at Cardiff Gate, Peterson House was recently sold to Scottish and Southern.
Chris Terry added: “As the occupational markets continue to improve, we believe this recovery of the out of town locations will carry on. However, occupiers will look to the best in class offering when considering their options and with the full service provision at Cardiff Gate; this will continue to be the most popular choice.”
