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Home / Latest News / The old Post Office in Westgate Street, Cardiff, is for sale with a price tag of more than £11.5m

The old Post Office in Westgate Street, Cardiff, is for sale with a price tag of more than £11.5m

An historic office building in the centre of Cardiff has been put up for sale with a price tag of more than £11.5m.

The six-floor 58,152 sq ft Park Gate building in Westgate Street was designed by architect Henry Tanner and built in 1886 as Cardiff’s Head Post Office.

It is being marketed by the Cardiff office of property advisers Knight Frank on behalf of owners Bamfords Trust.

Telecoms giant BT has just over nine years left on a 25-year lease on the listed building, with a current annual rent per annum of £853,000. BT has not occupied it for a number of years, with staff located at the adjacent Stadium House. The investment opportunity has already generated interest from institutional investors and high net worth individuals in the UK and overseas.

With the building unoccupied there is an opportunity for new owners to refurbish to secure a higher rental income than that paid by BT, which equates to £14.45 per square foot.

The only condition is that any future tenant [s] cannot be in the telecommunications sector. The building interior was redeveloped in 1996 to grade A office standard.

Managing partner of Knight Frank’s Cardiff office, Matthew Phillips, said: “We have already received encouraging interest for this superbly located office building in the centre of the city and which falls within the Cardiff Central Business Enterprise Zone.

“The regional property investment market in the UK is recovering somewhat. Where investment activity in recent years had focused on the London marketplace, what we have seen in the last six months – with prices being so much higher there coupled with a lack of supply – is that property investors are looking more for quality opportunities elsewhere in the UK, including in Wales.”

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