Cardiff Sale Concludes Investor Business Plan Ahead of Schedule
Craigard has made its second sale in Cardiff within the space of a month - its 15,000 sq ft Castle Buildings office premises.
The sale to V7 Asset Management for £2.4million was the natural choice for investors. “It was time for us to move on from the building,” comments David Foster of Craigard. “We made some improvements to the lease and agreed an extensive refurbishment programme with the tenant, following which we could have continued to hold the asset, but it was definitely the right time to sell. The long term tenant in residence will continue to provide the new owners with a steady income with good growth prospects and possible residential conversion in the future. Our investors are pleased with a tidy profit in return which has resulted in another successful acquisition through to sale.”
Castle Buildings is centrally-located in Cardiff City Centre and was purchased in November 2015 for £2.05million. A former Georgian Mill Building, it's currently the home for regional law firm Lyon Davidson on a lease until March 2026.