Regional REIT buys Cardiff office – Regional REIT has completed the acquisition of a modern Grade A flagship office building in Cardiff for £8.4m.The four-floor, 61,641 sq. ft. building is set in a 6.0 acre site with some 200 dedicated car parking spaces and is located in Global Reach, Cardiff. They say that it benefits from excellent transport links, being within a five-minute drive to Cardiff city centre as well as the M4 motorway.
It is fully let to Relx UK Ltd, NFU Mutual Insurance, The British Diabetic Association, Active Quote Ltd, Source Insurance Ltd and Wilmott Dixon Construction Ltd with a rent of £803,000 (£13.02 sq.ft.) per annum, reflecting a net initial yield of 8.9%, and a weighted average unexpired lease term of 5.0 years to expiry, and 2.6 years to the first break. Recent lettings have been achieved at £15.75 per sq ft and £13.50 per sq ft. The asking price was £9.326m
Q3 rent collection up
Separately, the company says that rent collection across its portfolio has continued to strengthen. Rent collection ratess for the first quarter of 2020 (Q1) amount to 99.2% and Q2 at 97.0%. Currently, Q3 rent collection, adjusting for monthly rent and agreed collection plans, stands at 93.5%, at the equivalent date in 2019 94.2% had been collected.
RGL : Regional REIT buys Cardiff office
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