Kames Capital, advised by V7 Asset Management, have completed the off-market acquisition of a central Cardiff office building from 101 Asset Management for £6.72 million.
Golate House comprises two connecting buildings, with dual frontages onto 98-101 St Mary Street and 31-35 Westgate Street.
Providing 55,645 sq ft across four upper floors of offices and 5 retail and leisure units at street level, current occupiers include Brewdog, Betfred, Working Links, CPS Group, Sonovate and the National Probation Service.
The building has been acquired for the Kames Property Income Fund, with a view towards improving income through active asset management to capitalise on the opportunities created by the ongoing Central Square development nearby. V7 has been retained as asset manager on the scheme.
Richard Peacock, co-fund manager of the Kames Property Income Fund, said: “With Grade A rents in Cardiff city centre having risen to £25 per sq ft in the current cycle, we expect to see a similar uptick in rents for good secondary properties.
“Golate House presents the opportunity through a phased refurbishment to create an attractive product in an excellent location targeting value-conscious office occupiers.”
The deal follows recent acquisitions by Kames of offices in Bristol and Slough, also advised by V7.
Matt Leach, partner at V7 said: “This trio of buys highlights Kames’ targeting of assets that are well-positioned to capitalise on the opportunities presented in their respective markets, securing growth through strategic asset management.”
Kames Capital was advised by V7 Asset Management and Savills; EJ Hales and Calan Retail represented 101 Asset Management.