MVJ Capital, advised jointly by Savills and EJ Hales, has sold Riverside Retail Park in Aberdare, South Wales to Greenstone Imperial Ltd for just under £2.4 million, representing a net initial yield of 7.80%.
Riverside Retail Park comprises of 16,062 sq ft (1,492 sq m) spread across six retail warehouses and is well let to national occupiers including Halfords, Farmfoods and Costa. The park is in an established out of town retail location, 24 miles north east of Cardiff. Riverside is situated next to an ASDA superstore, a KFC and a 60 bed Premier Inn and benefits from easy road access to the A470.
Ross Griffin, director of investment at Savills Cardiff, comments:
“We are delighted to have sold Riverside Retail Park for our clients. The park is performing well and benefits from strong covenants from national operators. Appetite remains strong for out of town retail parks as they continue to perform strongly in terms of footfall.”
A spokesperson at MVJ Capital adds:
“We have owned and managed this asset for a number of years and added further value by developing new units. Interest was strong which showed the strength of the current investment market and provided us with the opportunity to exit at an attractive level.”
Dan Griffiths at EJ Hales says:
“We have been involved in Riverside Retail Park since built and it has always been a good performer. Both investor and occupier demand for these smaller well located retail parks and district centres continues to be strong.”
Greenstone Imperial Ltd were advised by Provinca Limited.