Knight Frank Asset Management has brought to market an office building at One Central Square, Cardiff.
It is looking to secure offers over £46m for the 140,000 sq ft asset, which is held in a Jersey property unit trust, on behalf of an unnamed Middle Eastern investor. This reflects a net initial yield of 6%.
Companies already occupying space in the building, which is fully let, include Blake Morgan, Rightacres Property, the Carlyle Trust, First Rand Bank and Tramsheds Tech.
The freehold to the building has been marketed, with a weighted average unexpired lease term of 8.2 years to lease expiries and 4.6 years to break.
The office, which was built in 2016 holds an EPC of B, and is rated BREEAM Excellent.
The nine-storey building is part of the 12-acre, office led mixed-use Central Square Development, where the average rent is £22 per sq ft, reflecting a total marketing rent of around £3m per annum.
The product of a partnership between Rightacres and Cardiff City Council, and funded by L&G, the development has produced about 1m sq ft of mixed-use development, with almost 700,000 sq ft of grade-A office space.
Key sites in the development include BBC Cymru HQ, and new 270,000 sq ft hub for the Government Property Agency. The site also offers a 14-bay transport Interchange and 318 build-to-rent flats, with plans for a further 330 apartments.
Knight Frank and JLL have been instructed as the agents on the sale.
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