Fletcher Morgan acting on behalf of Park Place Partnership have sold the Sainsbury’s local investment at 751 Newport Road, Cardiff.
Fletcher Morgan agreed a prelet to Sainsbury’s who signed a new lease of 15 years at an initial rental of £70,000 pa. The development of a 4,500 sq.ft. retail store was carried out by RJS Contractors on a 20 week contract which allowed Sainsbury’s to open for Christmas trading in 2011.
The site had previously been in use as a Public House, The Carpenters Arms, since the early 1960’s. Recent years had seen the Public House trade decline which resulted in its closure which resulted in the property falling into disrepair.
The Sainsbury’s development has provided a welcome regeneration to the site and retained vital car parking facilities.
It is believed the investment achieved a selling price of £1,230,000 which equates to a net initial yield of 5.35% approximately. The purchasers are a West Country based family trust represented by Worcester based agent, Mark Atkins Associates.
David Mullins of Fletcher Morgan comments that despite some initial difficulties in making a start on site the development proceeded without any setbacks. Hopefully this important regeneration project will benefit the local residents and increase footfall to the retail district centre.