Rolls Royce Motors Pension Fund has bought Hastings House, Fitzalan Court, for £2.2m at a net initial yield of 7.2%.
Tenants in the ten-year old office include: Friends Provident, Equitable Life and Eversheds Philips & Buck. Rental income is £161,250pa and an average of 15 years remains on the leases.
John Davies, investment surveyor with Fuller Peiser, said: “This investment in Cardiff’s prime office area is let to undoubted covenants on long leases and there exists the real prospect of rental growth.”
Fuller Peiser acted for the Fund and Chesterton represented the vendor, Queen Anne’s Gate Property Unit Trust.
EGi News 22/04/96
