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An office building in Swansea, which is leased to motor to home insurance giant Admiral, has been sold in a £1.5m property deal.

PHG Capital, represented by international real estate advisor Savills, has sold the Telelink 2 building at Sandringham Park to Perfect Estates.

The 37,680 sq ft building is fully let to Admiral Insurance on 10 year lease agreed in March 2016. It generate an annual rent of £200,000.

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The building is home to 342 Admiral staff. In total Admiral employ 1,910 in Swansea.

Sandringham Park is part of the wider Swansea Vale scheme.

Ross Griffin, director in the investment team at Savills, Cardiff, said: “We are seeing investors increasingly look for assets let to strong covenants with an attractive yield profile.

"The property’s full occupancy by Admiral Insurance and it’s location within the popular Swansea Vale area ensured we experienced high interest in the property and we are delighted to have secured a new owner for the building on behalf of our client.”

Matthew Pearcey of PHG Capital said: “This is yet another great disposal for us as we look to keep purchasing large office buildings and pairing them with high quality tenants.”