Rolls Royce Motors Pension Fund has bought Hastings House, Fitzalan Court, for £2.2m at a net initial yield of 7.2%.
Tenants in the ten-year old office include: Friends Provident, Equitable Life and Eversheds Philips & Buck. Rental income is £161,250pa and an average of 15 years remains on the leases.
John Davies, investment surveyor with Fuller Peiser, said: “This investment in Cardiff’s prime office area is let to undoubted covenants on long leases and there exists the real prospect of rental growth.”
