Fusion Point 1, Cardiff
Acquisition of an office building in Cardiff let to 118 Ltd.
The tenant’s lease had 1.5 years to expiry and the building required refurbishment. The low rent of c.£15psf was at a significant discount to prime Cardiff buildings and had good prospects for re-letting should the tenant vacate.
The building was priced attractively at a yield of over 10% and the deal was negotiated directly with a well known contact at the vendor (M&G).