Landmark City Centre Office Acquired
11/06/2013

 

 

Acting on behalf of private investors CLC have completed the purchase of the 44,374 sq ft building, achieving a yield of 13.3% and a capital value of £38 per sq ft.

 

Princess House is a prominent 11-storey office building on Princess Way in the heart of Swansea city centre, a short walk from the main pedestrianised retail area.  It is currently multi let to a diverse range of tenants including TBG Learning, Regus and S&C Electric Europe Ltd and produces annual rental income of £240,483.

 

Gareth Lloyd, investment associate at Knight Frank in Cardiff, said: "Although the building has the potential to be redeveloped, subject to planning, for alternative uses including student accommodation, hotel or residential we understand that the private investor who has purchased the building plans to keep it as offices.

 

"Increasingly we are seeing more investors chasing prime regional office properties, which are in short supply in south Wales, but the sale of Princess House shows that there is also demand for secondary commercial investments if realistically priced."

 

Peter Loosmore Partner at CLC Chartered Surveyors, Swansea who acted for the purchaser Said "Princess House is a Landmark City Centre office block which has for many years lacked investment. My clients see this as an excellent opportunity to provide quality office space targeted at the size parameters we see in Swansea".

 

"My clients are very happy with their acquisition which now forms part of their existing portfolio. When you consider that Princess House is Freehold, City Centre with parking, is income producing with the potential to increase the income immediately and can be bought for £38per sq.ft. you can understand why". 

 



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