Retail Park Sold in Camarthen
Advised by Cordatus Partners and Edgerley Simpson Howe, GE Capital Real Estate has disposed of the Aldi and Home Bargains at Pensarn Retail Park in Carmarthen to Palmer Capital for £3.95 million. The capital value reflects a net initial yield of 7.0%, and the exit price achieved, was ahead of business plan exit targets.
The property comprises 26,169sq ft let to Aldi for a further 8 years and Home Bargains for a further 14 years. The rents reflect £9.20 – £12.33 per sq ft. Aldi has a minimum uplift in 2014 which takes the yield to 7.5%.
Aldi has a food/bulky goods planning consent. Home Bargains has an open A1 non-food planning consent.
In 2010, Cordatus Partners applied for and obtained an enhanced planning consent for Unit 2, widening the user clause from “bulky goods” only to Open A1 non-food, with up to 30% of the floorspace usable for non-perishable food items. The Aldi lease was also varied to lift a restriction on food use on the park and the property was subsequently let to Home Bargains.