Plans for new apartments at a prime building in the centre of Cardiff have been revealed. It comes as Atlantic Venture Capital, advised by property advisory firm Savills, has acquired the 2 Queen Street building from a private trust for £685,000.
The sale price represents a net initial yield of 7.26%. The prominent period property, which extends to just over 2,300 sq ft, provides five floors of accommodation with a retail convenience store let to Spar at the ground floor and basement with office space on the first, second, third and fourth floors. The buyer will be looking to convert the upper floors into residential serviced apartments, subject to planning permission. Atlantic Venture Capital also owns an adjoining building occupied by Starbucks - although there aren’t current plans to turn part of that property into apartments.
The acquisition forms part of a growing trend of retail and office space being repurposed - as well as increasing investment in build to rent properties. Last month it was confirmed that the Knox Court office building in the centre of Cardiff will be turned into apartments, subject to planning.
