Our banking and commercial property team has advised Trivallis with its purchase of Tŷ Pennant in Pontypridd.
Trivallis, one of Wales’ largest registered social landlords, previously rented space at the 40,673sq ft building, but has now acquired the freehold from St Catherines Corner Development LLP and will occupy 24,269 sq ft of the building.
The organisation, which employs just under 500 people, will sub-let the remaining 16,404 sq ft to tenants including Remploy, Working Links and Vale of Glamorgan Council.
Our banking and commercial property team advised and negotiated complex funding arrangements and tax efficient deal structuring, which involved a multi-consultant approach.
Savills acted as agents for Trivallis in connection with its acquisition of the property.
Tŷ Pennant was developed in 2007 and was promoted as being a key redevelopment catalyst for Pontypridd town centre. It comprises both office space and a multi-story car park currently operated by the national operator NCP.
Bob Granville, director at Trivallis. said:
“Purchasing Tŷ Pennant will give Trivallis value for money compared to long term renting. Money that is saved in the long term will go back into services for our tenants.
“We are pleased to have had Hugh James as our advisors.”
Gareth Fortey, associate in our commercial property department said:
“We have built a strong working relationship with Trivallis, having advised on a number of deals for them over recent years.
“Purchasing Tŷ Pennant was a natural step for Trivallis and, as property owners, will be able to benefit from income opportunities to strengthen its organisation and enable it to grow in the future.
“This was particularly complex because of its nature and the number of parties involved and so we are pleased to have reached an outcome to satisfy all parties.”
Ross Griffin, director in investment at Savills Cardiff, said: “We are delighted to have advised Trivallis on its acquisition of Tŷ Pennant. The opportunity to purchase the building and to become an owner occupier has provided Trivallis extra security and the benefit of additional long dated income to the likes of NCP car parks.
“Tŷ Pennant is the best office building in Pontypridd and has been acquired at a level significantly below reinstatement cost.”