Entrepreneurs plan to retain period features on their capital investment

Apr 30 2008 by Aled Blake, Western Mail

TWO entrepreneurs have paid more than £700,000 for the freehold of a period office building in the professional office quarter of Cardiff city centre.

Property developers Andy Giles and Richard Williams were the successful bidders for 14 St Andrew’s Crescent, which was being sold by Defence Estates.

Stuart Ramsey, regional head of office agency and development at GVA Grimley in Cardiff, who negotiated the sale on behalf of Defence Estates, said the pair had made a “sound investment”.

The business partners, who established their own development company based at Park Place in Cardiff, intend to refurbish the property and re-let it, probably as a single unit, with strong interest already expressed by a potential occupier. Last year the pair acquired a similar property nearby which they successfully refurbished and let.

Mr Ramsey said: “When period properties of this nature come onto the market, they generate considerable interest from investors, developers and owner occupiers. St Andrews Crescent proved no exception and attracted some serious bids. With the number of interested parties running into double figures, it was clear the building would fetch a good price, consequently best bids were sought by the end of February.”

The property, which covers 3,459 sq ft, has parking for several vehicles, and was sold with vacant possession.

Mr Giles said: “We knew the property would attract strong interest, however we were geared up to bid competitively and were able to offer an unconditional deal based upon a quick exchange and completion for Defence Estates, which we delivered.”

Mr Williams added: “Our plans are to undertake a quality refurbishment which will be based upon restoring the period features of the building.”