PAI members Powell Lloyd have completed the sale of 3 Westgate Street, Cardiff on behalf of their retained client, Hollybush Properties Ltd.
The Grade II listed property comprises 3,145 sq ft and is let to Safehouse Hostel LLP for a term of 5 years from November 2014. The property was constructed in 1889 by Lord Windsor and was originally created to provide office accommodation for the Windsor Estate. The building now provides hostel accommodation over ground to fourth floors with basement storage.
James Sanders, Director at Powell Lloyd commented; "the property sits opposite the Arms Park, the Principality Stadium and Cardiff Castle, and is in close proximity to the Swalec Stadium, Cardiff Central Station and the main shopping and leisure areas of Cardiff. It therefore finds itself perfectly located to provide hostel accommodation to the City Centre".
The property was purchased for £400,000 by a private client of Calan Retail showing a net initial yield of 8.4%.