Danes Buy in Wales

LONDON-A consortium of Danish private investors has spent £2.11 million ($3.2 million) on a retail investment in Cardiff, Wales, as part of its plan to build up a £50 million ($77 million) UK portfolio. The latest purchase is at 8 Westgate Street, where the 14,658 sf unit is leased to Yates Wine Lodge at £150,000 ($230,000) per annum on a 35 year lease from 2000 with a fixed uplift on the first review. The purchase price shows a net initial yield of 6.7%.

Robertshaw March Jones acted for the vendor, Delancey, and Strutt & Parker advised the purchasers. Strutt & Parker Partner Richard Harris said: “This is the latest in a long line of investment deals totalling £15 million ($23 million) to date and is part of a £50 million ($77 million) UK investment programme. The Danish investors are particularly interested in retail, leisure and industrial opportunities on lease terms in excess of 20 years.”

Previous deals include retail investment in Halifax, West Yorkshire and Leatherhead, Surrey.