Midland-based Stoford Developments has agreed an investment sale of £58.7 million with German fund manager Union Investment Real Estate for Admiral Group’s headquarters building in Cardiff -–the biggest pre-let in Welsh history.

Stoford Director Tony Nash said: “This is great news and confirms that the office market outside of London is resilient and offers occupiers remarkable value for money in the current market.”

Stoford received planning permission in June to build the 11-storey, 220,000sq ft scheme on the former David Street car park close to St David’s Shopping Centre. Construction is scheduled to start early next year with completion planned for 2014.

Dr. Karl-Joseph Hermanns-Engel, member of the management board at Union Investment Real Estate GmbH said: “Through the acquisition we reinforce the diversification of the UK portfolio within our European real estate fund. Beyond the London office market we now see interesting investment opportunities in the regional markets, especially in project developments.”