PHG Capital, advised by Savills, has sold 3-7 Columbus Walk in Cardiff to Evanance Investment Company Ltd for £1.13 million reflecting a net initial yield of 8.78%.
The 9,241 sq ft (858.51 sq m) office building is located on Brigantine Place within the established Waterfront 2000 scheme and benefits from excellent prominence and frontage on to Tyndall Street and directly opposite the new Capital Quarter mixed use development.
The space is let to Henry Schein, which Savills and Alder King advised on earlier this year. The worldwide distributor of medical, dental and veterinary supplies agreed a new 11-year lease with an annual rent of £105,000. Knight Frank acted for Henry Schein.
Ross Griffin, director of investment, comments: “We’re very pleased to have secured the sale of this office building in the centre of Cardiff for our client, which received strong interest. We continue to see demand from investors for this type of key asset.”
Gary Carver, director of business space at Savills Cardiff, adds: “Henry Schein is an excellent covenant and we were pleased the international company agreed to take the whole space at Columbus Walk.”
Alder King advised Evanance Investment Company Ltd.