Offices opposite central square sold in £10 million deal

Ship Street Advisors and ADAPT Real Estate, acting on behalf of Jersey based investor UKRO, has acquired the long leasehold interest of 6 Park Street in Cardiff from clients of Mayfair Capital Investment Management in an off-market transaction for a price of £10 million.

The property at 6 Park Street extends to 50,983 sq ft of Grade A office accommodation over six floors and is fully let to Media Wales, which is owned by Trinity Mirror, and Deloitte.

Constructed in 2008, it is situated adjacent to Central Square, Cardiff’s prime office development, which is the site of the new BBC Wales headquarters and HMRC regional HQ, together with the new transport interchange currently under-construction opposite Cardiff Central Train Station.

Cooke & Arkwright advised the purchaser and JLL represented the vendor, The Trustees of Mayfair Capital Property Unit Trust.

James Taylor of ADAPT Real Estate said, “UKRO is delighted with its second acquisition in Cardiff.  UKRO has now assembled a portfolio of nine securely leased, CBD office properties spread across the UK’s major Regional markets (ex London). 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 of investment at Cooke & Arkwright said “We are delighted to have helped UKRO secure this off-market acquisition in such a strategically important location in Cardiff city centre.”

James Feilden of Mayfair Capital Investment Management commented “This transaction represents an off-market disposal of an asset where we have completed a number of asset management initiatives that have allowed our clients to achieve performance in line with our upside business plan on acquisition.

“At fund level, this asset has contributed to outperformance of the benchmark, the MSCI/AREF UK Quarterly Property Fund Indices: UK All Balanced Property Fund Index (Weighted Average), over one, three and five years.”

Justin Millett, Lead Director and head of Capital Markets at JLL in Cardiff commented: “We advised Mayfair Capital back in 2016 when they acquired 6 Park Street.  They recognised the quality and strategic importance of the building, which is situated in Central Square.  The asset has performed well for our client and we were delighted to act for them on the recent sale.”