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Custodian REIT acquires retail unit in Cardiff

05 October 2017 07:03

Custodian REIT has acquired a high street retail unit in Cardiff let to Sportswift (trading as Card Factory) and Specsavers Optical Superstores.

Custodian REIT said the property comprised two well configured retail units with upper floor sales and ancillary accommodation, located in the prime retail pitch of Queen Street.

Nearby shops include Next, Zara, Marks & Spencer, Boots and Top Shop.

The tenants' leases expire on 26 Mar 2020 and 23 Jun 2032 respectively with a total passing rent of £410,100 per annum, reflecting a net initial yield of 7.46%.

he agreed purchase price of £5.16m was funded from the company's existing debt facilities, resulting in net gearing increasing to 18.7% loan to value.

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