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Hong Kong investment firm acquires Atlantic House in the cen

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Hong Kong investment firm acquires Atlantic House in the cen

PostFri Jan 22, 2016 5:57 pm

A prime office scheme in the centre of Cardiff has been acquired by a Hong Kong firm, as investment from overseas continues to hot up in the capital.

Atlantic House, in Tyndall Street, in the heart of Cardiff’s Central enterprise zone for professional and financial services, has been sold to Hong Kong listed investment firm Winfull Group for £7.15m.

The deal saw property advisers Cushman & Wakefield and Fletcher Morgan, representing the vendor, Bailey Hodge Investments.

Building
Atlantic House is made up of two buildings, totaling 41,399 sq ft.

Both are fully let, one to law firm Capital Law, and the other to the University of South Wales.

Related content: Capital Law named best law firm in Wales

Capital Law, which also has an office in London, has more than 100 staff based at Atlantic House East, and has a lease that expires in 2026. The University of South Wales occupies neighbouring Atlantic House West, on a new ten-year lease.

Atlantic House was built in 1990 and has a current annual rental income of £560,000.

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Andrew Gibson, director of Cushman & Wakefield’s investment and development team, said: “This deal is a further example of the trend of international investment into Cardiff and continues the sizable influx of international investment into Wales seen throughout 2015.”

ADAPT Real Estate, an established Bristol-based asset manager, represented Winfull Group.

Adam Fletcher of ADAPT said: “Atlantic House provides us with a solid core plus investment in a fast improving area of Cardiff and is the first step in targeting other similar office assets in major UK regional city centres.”

http://www.walesonline.co.uk/business/c ... s-10775736

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