The freehold interest in a Waitrose store in Cardiff has been acquired in a deal valued at more than £12m. The property, which houses a 40,000 sq ft Waitrose store in the Pentwyn area of the city, was put up for sale with a £12m price tag by an undisclosed institutional investor.
It has now been bought by a local property investor. While the exact value of the transaction has not been disclosed, it exceeded the asking price, underlining continued investor appetite for prime foodstore assets offering secure income and rental growth.
Advisers and vendor representation
The undisclosed purchaser was advised by Cardiff-based chartered surveyors Emanuel Jones alongside commercial investment specialists Prideview. The vendor, an institutional fund, was represented by Glenlyon Real Estate.
Two years ago Waitrose agreed a new 15-year lease on the store. The property currently generates rental income of £750,000 per annum and benefits from fixed uplifts every five years throughout the lease term.
Investor confidence in retail assets
Rhys Williams, partner at Emanuel Jones, said: “This was an opportunity we had been monitoring for some time. The combination of a long lease commitment from Waitrose, fixed rental growth, and the property’s strategic location made it an attractive acquisition for our client.
“The purchase further strengthens our client’s presence in the area and reflects continued confidence in well-let retail assets supported by strong occupier fundamentals.
“The transaction also highlights the ongoing demand for high-quality supermarket investments, with investors continuing to target assets offering secure income streams and strong tenant covenants despite wider market uncertainty.”
