A prominent office building in Cardiff city centre has been sold to a Hong Kong listed group, as investment from overseas continues to hot up in the Welsh capital.
Atlantic House, in Tyndall Street, in the heart of Cardiff’s Central Enterprise Zone, has been sold to Winfull Group for £7.15m, in a deal completed by leading real estate company Cushman & Wakefield and Fletcher Morgan, who represented the vendor, Bailey Hodge Investments.
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. 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 Wales occupies neighbouring Atlantic House West, on a new ten-year lease.
Atlantic House was built in 1990 and is in the city’s newly established Enterprise Zone, the only one of its kind in the UK and dedicated to helping attract and grow the financial and professional services sector.
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.”