Insurance has a new landlord at its Swansea office.
The office building that is home to the insurance giant has been acquired for £1.5 million after PHG Capital, represented by Savills, sold the property across to Perfect Estates.
According to a report by Insider Media, the insurer’s home is safe as it had agreed a 10-year lease agreement back in March 2016 with annual rent of £200,000.
Indeed it was this occupancy that ensured great interest in the location, Rob Griffin, director in the investment team at Savills, told the publication.
“We are seeing investors increasingly look for assets let to strong covenants with an attractive yield profile,” he said. “The property’s full occupancy by Admiral
Insurance and its location within the popular Swansea Vale area ensured we experienced high interest.”
Meanwhile, Matthew Pearcey of PHG Capital described the sale as a “great disposal” as it looks to purchase large office buildings and match them with high quality tenants.
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