The freehold of a Waitrose supermarket in Cardiff has changed hands for £12.35m.
Located in Pentwyn, approximately five miles north east of Cardiff city centre, the property occupies a prominent position within an established retail and residential catchment.
The asset is let to Waitrose on a recently regeared 15-year lease, providing secure long-term income and fixed rental growth.
Having initially missed out on the opportunity, the local property developer purchaser remained committed to the asset and was able to move quickly when the transaction returned to the market earlier this year.
Pritesh Patel, investment director at Prideview, which alongside Emanuel Jones advised the purchaser, said: “This was a rare opportunity to acquire a high quality, food store backed investment with secure long-term income and fixed rental growth. The asset was particularly attractive given its strategic location alongside our client’s existing ownerships in the area, creating opportunities for long-term asset management and portfolio consolidation. Having tracked the opportunity throughout the sales process, we were able to react quickly when it became available again and successfully secure the acquisition.”
The property was marketed by Glenlyon Real Estate on behalf of an institutional fund owner.
