Aberdeen Invests in Swansea

LONDON-Grantchester has completed the sale of Phase II of its Parc Tawe, Retail Warehouse Parc, Swansea, which consists of approximately 117,000 sf of open A1 non-food retail warehousing.

The investment has been acquired by Aberdeen Asset Managers on behalf of Scottish Provident Institution at a purchase price of £21.75 million, which based on the current income shows an initial yield of approximately 6%.

Occupiers on the park include Homebase, Lidl, the Outfit, Roseby’s, TIME Computers, JD Sports, Pets at Home and JJB Sports, producing a total income of just over £1.4 million per annum equating to an average rent of £13.43 per sf.

Rob Jones, joint managing partner of Knight Frank’s Cardiff Office, which advised Grantchester says, ‘The completion of this sale was a positive note for Swansea and reflects confidence by Funds toward Wales and Swansea, in the continuing strength of the retail warehouse sector. Kenneth Peters acted for the purchasers.