Edinburgh House purchased the prime city centre asset for £17.75 million, reflecting a net initial yield of 9.5%. The 108,599 sq ft block sits at the heart of Swansea city centre’s prime retail pitch, surrounding the city’s historic market.
It is made up of 26 well-configured retail units together with a hotel facing Oxford Street, Whitewalls and Union Street. With a current ground rent of £200,618 pa, the retail block will bring the new owner a net income of £1,803,006 pa. Tenants include a number of national multiples and 17% of income is secured to Lloyds TSB Bank and Whitbread Properties for over 40 years.