MVJ Capital, represented by Savills, has sold 50-53 Taff Street in Pontypridd to Rhondda Cynon Taff Council for £800,000.
The retail property, located on the main retail thoroughfare of Pontypridd, is let to Iceland on an unexpired lease term of circa four years, generating an income of £72,500 per annum. The 13,000 sq ft asset is located in the heart of the town, with nearby occupiers including Lloyds Bank, Superdrug and Savers. The asset is situated next door to the new Taff Vale redevelopment which will house Transport for Wales new HQ as well as the new town library.
Ross Griffin, investment director at Savills Cardiff, comments:
“We are pleased to have secured new owners for this town centre retail property on behalf of our clients. South Wales continues to provide investors with attractive opportunities across a range of lot sizes and asset classes. This asset will provide the local authority with further potential in their strategy of improving and upgrading the town centre.”
Matthew Pearcey of MVJ Capital adds:
“After owning this asset for a number of years, the regeneration of the town centre made it a vital neighbour to a £38 million office and leisure development that would totally change the face of Pontypridd and the local Council were keen to acquire it and thus made the asset a sensible disposal.”
Rhondda Cynon Taff Council were unrepresented.