In one of Wales’ biggest investment deals this year, Arlington Property Investors has paid Raglan Properties £21.7m for Hodge House in Guildhall Place, Cardiff.
Hodge House comprises 137,000 sq ft of office space let to HSBC, Barclays, Greene King, 118 Ltd and Hugh James. The property generates £1.5m a year in rent, equating to an initial yield of 6.95%.
The eight-storey building was originally built in 1915 and retains its Grade II-listed façade. There is also a retail unit on the first floor and a leisure unit on the lower ground floor.
Aled Evans of King Sturge, which advised Arlington, commented: “Having tracked the property for two years, it has not been a quick deal. The persistence of Arlington Property Investors has made this significant investment into Cardiff possible and reinforces the institutional demand for the capital city.”
CBGA acted for Raglan Properties.
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Source: Freeman News/Property Week
