Topland has acquired Marks & Spencer’s flagship Cardiff store for £23.23m.
The store occupies a prime position at 72-76 Queen Street in the heart of the city centre and is uniquely let to M&S PLC for a further 135.5 years. M&S has occupied the building for over 80 years.
Topland’s acquisition reflects a net initial yield of 6.42% and a capital value of £194 per sq. ft.
David Sanderson of Topland commented: “This investment follows a number of recent Topland Group acquisitions across all sectors. We are buying counter cyclically in retail where we see value, we have also been successful in the highly competitive industrial sector and are securing opportunities both on and off market.
The group is in legals on five new acquisitions including a build to rent scheme, office refurbishments and standing income producing assets. We have significant cash reserves for further investment and will be active over the next 12 months”.
Bruce Gillingham Pollard advised Topland, while the vendor, M&G, was represented by Knight Frank.