Prime retail and office property for sale in Cardiff
Savills, on behalf of its client Royal London Asset Management, has brought the retail and office property 2A The Hayes and 11A/14 Wharton Street, Cardiff to the market at a guide price of £6.5 million, reflecting a net initial yield of 6.5%.
Located within a short distance from the soon to be opened St David’s 2 shopping centre, the freehold retail and office investment comprises three retail units and two floors of self contained offices. It is set to benefit from increased footfall in the area.
Tenants at the property include Waterstones, who occupy 12,081 sq ft (1,122 sq m), Barocco restaurant in a 6,568 sq ft (612 sq m) unit, Lakeland who lease 11,567 sq ft (1,074 sq m) and 15,156 sq ft (1,407 sq m) of offices let to Golley Slater. All leases expire in 2017 and the annual passing rent is £430,000.
Jeremy Lovell, Savills’ director of high street retail investment, says: “These retailers will benefit from the increased footfall as a result of the opening of the new John Lewis and St David’s 2 in October as well as the boutique niche retailers who are set to move into the surrounding streets.
Those factors, added to which Cardiff is the major shopping centre for Wales, make it an exciting investment opportunity.”
The property lies opposite House of Fraser department store and adjacent to TK Maxx. Other nearby retailers include Habitat, T K Maxx, Borders and Moss.
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