DTZ Investors sells Welsh retail park
DTZ Investors has completed on the sale of Parc Y Llyn Retail Park in Aberystwyth for £7,750,000, reflecting 8.7% on the £720,902 pa contracted income. The scheme totals 87,916 sq ft of lettable floor space arranged across seven units. It is let to five tenants with a WAULT of 3.9 years to expiry. The freehold site is approximately 8.64 acres and is dominant in Aberystwyth, benefitting from its proximity to a large Morrisons supermarket and other roadside uses. Many of the retailers have been in occupation over the long-term, serving the town’s self-contained shopper catchment as well as a wider draw.
XProp acted for DTZ Investors with HampsonWall representing Evolve Estates.
Ben Haller, Director at DTZ Investors: “The asset sits outside of Fund strategy with the decision to disinvest and utilise the capital toward more core opportunities. Notwithstanding the risks, there is potential for the buyer to maintain an attractive income yield through the leasing cycle as well as the opportunity for wider initiatives to enhance returns. The sale attracted competitive bids from cash and debt-backed buyers, demonstrating liquidity in the sector at the value-end.”