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Property

Briscombe Retail Park sold for £1.35m

Savills completed the sale on behalf of VCD Asset Management, with the price reflecting a net initial yield of 5.63%

Briscombe Retail Park has announced that it has been sold to a local private property company for £1.35m. 

Savills completed the sale on behalf of VCD Asset Management, with the price reflecting a net initial yield of 5.63%.

The multi-let retail park comprises 3,847 sq ft of accommodation and is let to Greggs and CVS Veterinary Group at a current passing rent of £80,680 per annum.

The retail Park is situated on the A4055 (Cardiff Rd) which is one of the main arterial roads into Barry, Wales.

Ross Griffin, director in the UK Investment team at Savills Cardiff, said: “We had significant demand for Briscombe Retail Park as the property came with long income in excess of 10 years and had excellent road frontage with value add opportunities.

“The demand for longer income let assets remain particularly buoyant.”

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