John Beckwith’s Portfolio Holdings has bought landmark office building Pearl House – the tallest building in Wales – in an off-market deal from AMP for £3.25m.
The buyer has been named as Dartmoor LP but Portfolio Holdings is thought to be behind the purchaser.
It is understood that the 13,006 sq m (140,000 sq ft), 23 storey, office block will not go for alternative uses although local agents consider it could be a possible hotel-conversion site. Other investors had prepared to buy the building, but it never came to the market.
Over 50% of the building is vacant and Portfolio Holdings is believed to be considering refurbishment. The longest lease remaining on the building expires in 2012. There is 1,300 sq m (14,000 sq ft) of retail accommodation on the ground floor.
Chesterton acted for AMP and has been retained as managing agents. Portfolio Holdings represented itself and is looking to appoint letting agents.
EGi News 13/06/97
