Investor and developer Create Real Estate has acquired an office building in Cardiff city entre and is now drawing up refurbishment plans.
Marchmount House & Dumfries House, on Dumfries Place, has 43,000 sq ft of lettable space across two adjoining buildings. The freehold was purchased for an undisclosed sum from Sydney & London Properties Ltd.
The buildings, which are now largely vacant, were home to Geldards LLP since their construction until the law firm’s recent relocation.
Ricky Humphreys, director at Create Real Estate, said: “These prominent office buildings are in an excellent location with huge potential to modernise them. Our approach will provide much-needed, high quality workspace in a sustainable way by retaining and refurbishing the buildings that may otherwise be demolished.
“Despite current challenges due to the coronavirus pandemic, Cardiff has an exciting story to tell with plenty going for it. Amazing quality of life, increasing levels of inward investment, massive infrastructure investment planned and incredibly high population growth projections, against a backdrop of a deepening under supply of quality city centre office space.
“Our plans for Marchmount & Dumfries House will help to meet this increasing demand.”
AXA Insurance and DTZ (Cushman & Wakefield) are existing tenants.
Fortwell Capital provided a new £5.4 million loan facility to Create Real Estate to help fund the acquisition and speculative refurbishment.