Specialist business property adviser, Christie & Co, has announced the sale of a freehold retail and office investment site located in Gilfach Goch, South Wales.
The retail and office investment site, 42 Cambrian Avenue, is a large detached stone property with a pitch tiled roof. It comprises a ground floor retail unit with separately leased offices above which are in great condition and provide a combination of cellular and open plan office accommodation.
The site sits in a prominent position in the centre of the picturesque village of Gilfach Goch, South Wales, approximately 16 miles north-west of Cardiff, 26 miles east of Swansea and six miles south of the M4 which provides easy access to Newport and Bristol. The property is ideally situated close to residential buildings, a primary school, and a variety of local businesses.
42 Cambrian Avenue offered a rarely-available investment opportunity secured to multiple tenants on separate leasehold agreements. The new owner has the opportunity to renovate and invest in the property allowing them to extend current leasehold agreements to secure income for the future.
For over 14 years, the site has been owned and successfully let by Mr Simon Leadbitter, who has decided to sell in order to focus his time on other interests. Mr Leadbitter comments, “I am thrilled to have completed the sale of the property in challenging circumstances. Christie & Co, and Jamie Williams in particular, helped throughout the process and have been invaluable in overcoming any obstacles in the sale. I wish the new owners all the best with their future plans for the store.”
Through Christie & Co, the site has been purchased by Mr Mukesh Patel, a local investor with experience in retail, who also owns a convenience store nearby.
Retail Business Agent at Christie & Co, Jamie Williams, who handled the sale, comments, “An attractive gross initial yield of 10.9 per cent for a ground floor retail unit with offices above was an excellent deal for both buyer and seller. We were able to present eight offers to the owner across a three-month period, which highlights the demand for investment properties. If you are considering selling a similar type of property, please do get in touch.”
42 Cambrian Avenue was sold at an undisclosed price.