Savills, on behalf of VCD Asset Management, has completed the sale of Briscombe Retail Park to a local private property company for £1.35 million. The sale price reflected a net initial yield of 5.63%.
The multi let retail park comprises 3,847 sq ft (357 sq m) of accommodation and is let to Greggs PLC and CVS Veterinary Group at a current passing rent of £80,680 per annum.
Briscombe Retail Park is situated on the A4055 (Cardiff Rd) which is one of the main arterial roads into Barry. The Property is located within the coastal town of Barry in the Vale of Glamorgan, approximately seven miles south west of Cardiff. Junction 33 of the M4 motorway is approximately eight miles to the north and Cardiff International Airport is approximately two miles to the east.
Ross Griffin, Director in the UK Investment team at Savills Cardiff, says:
“We had significant demand for Briscombe Retail Park as the property came with long income in excess of 10 years and had excellent road frontage with value add opportunities. The demand for longer income let assets remains particularly buoyant.”
Powell Lloyd acted for the buyer.