The freehold interest in a building in the centre of Cardiff, whose tenants include Stonegate Pub Company and the Fantasy Lounge, has been acquired in a £1.4m deal.
Acting on behalf of an inhouse client of developer and asset manager Chancerygate, Cardiff-based property advisory firm Fletcher Morgan has sold the investment in the property in Westminster House on St Mary Street to OJ Group.
The 9,649 sq ft property generates an annual rental income of £154,000.
Matthew Jones, director at Fletcher Morgan, said: “We are delighted to have successfully sold this well known leisure investment. The building is multi-let to quality tenants with long term rental income. We are experiencing increased levels of investor interest for similar opportunities in this prime Cardiff city centre A3 (food and drink) location.”
Chancerygate asset manager, Luke Morley, said: “This property has proven to be an excellent leisure asset for our client, and we have every expectation that it will continue to be so for the OJ Group.
“We are very pleased to have worked with Fletcher Morgan to secure a strong sale price for the property which is indicative of the strong demand for leisure assets in Cardiff city centre.”
