Riverside Retail Park in Wales sold for £2.4m
MVJ Capital has sold Riverside retail park in Aberdare, South Wales to Greenstone Imperial for just under £2.4 million, representing a net initial yield of 7.80 per cent.
Riverside Retail Park comprises 16,062 sq ft spread across six retail warehouses and is let to national occupiers including Halfords, Farmfoods and Costa. The park is in an established out of town retail location, 24 miles north east of Cardiff. Riverside is situated next to an Asda superstore, a KFC and a 60-bed Premier Inn.
The vendor was advised jointly by Savills and EJ Hales. Greenstone Imperial was advised by Provinca.
Ross Griffin, director of investment at Savills Cardiff, said: “The park is performing well and benefits from strong covenants from national operators. Appetite remains strong for out of town retail parks as they continue to perform strongly in terms of footfall.”