Trinova acquires Wales’ tallest office building

Trinova have acquired Wales’ tallest office building for £25m.

The 25-storey Capital Tower in the centre of Cardiff has been acquired by London-based Trinova Real Estate from Topland for a net initial yield of 7.5%.

The 124,375 sq ft building is now 98% let following a multi-million pound refurbishment undertaken by Topland in recent years.

Knight Frank, through its Cardiff office, acted for Topland on the property investment deal, with Cardiff-based property advisory firm, Fletcher Morgan, acting for Trinova.

Tenants in the 1980s built building include Admiral, the AA, Allianz, Dolmans Solicitors and the Law Society.

Winston Luk of purchaser Trinova Real Estate said: “We are delighted to have completed on the acquisition of Capital Tower. The property has been significantly upgraded by the seller to an attractive standard and we plan on continuing the repositioning of the asset into one of Cardiff’s most high-profile office assets.

We are excited by the emergence of the capital’s technology sector and hope to provide an exciting and dynamic product to the city as well as providing some of the best views in Cardiff.”

David Mullins of Fletcher Morgan added: “The fast moving Cardiff office market has meant quality office investment stock like Capital Tower is so hard to buy.

“We are delighted to have made this acquisition on behalf of Trinova for one of Cardiff’s top trophy buildings in an unrivalled central office core location. We are very excited about Trinova’s plans going forward for the building.”

The building generates an annual rent of just over £2m.