New owners for prime retail warehouse in Cardiff following £2.5 million sale

22 May 2017

MVJ Capital, advised by international real estate advisor Savills, has acquired a 30,440 sq ft (2,828 sq m) retail warehouse in Cardiff from PMG for £2.5 million, reflecting a net initial yield of 7.50%.

The unit, fully let to Carpetright on a 7.5 year unexpired lease generates a passing  rent of £200,000 per annum. It is situated on a prominent corner position on Newport Road, one of the prime retail warehouse locations in Cardiff and one of the main arterial routes in and out of the city centre. Nearby occupiers include Lidl, Dunelm, Marks and Spencer, Sainsburys, Costa Coffee and a  Burger King also owned by MVJ Capital which adjoins the property. 

Ross Griffin, investment director at Savills Cardiff, comments: “We are delighted to have acquired this prime retail asset for our client. The unit’s location on  Newport Road places it at the heart of Cardiff’s out of town retail offering whilst maintaining close proximity to the city centre.” 

Matthew Pearcey of MVJ Capital comments: “We are extremely pleased in adding this acquisition to our ever growing portfolio in Cardiff and Swansea. Newport Road has long been Cardiff's prime out-of-town retail area and our focus is to acquire similar properties in the area over the coming years.”

Cooke & Arkwright advised PMG.

 
 

Key Contacts

Ross Griffin

Ross Griffin

Director
Investment

Savills Cardiff

+44 (0) 2920 368 961

 

Rebecca Allen

Rebecca Allen

PR Officer
Commerical Marketing & Press

Savills Margaret Street

+44 (0) 207 409 8937