Mapeley buys Cardiff BT Data Centre for £60m

Mapeley has paid £60m for one of Britain’s most secure buildings, at a yield of almost 6%. The 70,000 sq ft BT Data Centre in Cardiff Bay hosts UK computer systems for BT and a string of trans-Atlantic IT giants including Microsoft. The Elinia House complex was developed by Elinia – headed by Cardiff-based PMG Estates owner Paul Guy and former Welsh Water Finance Director Paul Twamley – and let to BT in 2003 on a 17-year lease of £3.83m a year. Fully occupied by BT and a number of tenants, it was acquired by a private Middle East investor shortly after for circa £24m. It was first put on the market last summer at an asking price of £63m, representing a 5.75% initial yield. The complex is equipped throughout with Iris-recognition systems and is supplied by two independent mains power mains to ensure continuity of supply. It comprises 30,000 sq ft of offices and a 40,000 sq ft data centre, with expansion land for another 70,000 sq ft. Cushman & Wakefield and Savills represented the vendor.