Glenbrook Investments has completed the £6.6million acquisition at Newport Retail Park in Gwent from Regional REIT, achieving a Net Initial Yield of 7.5%.
Located on The Avenue, the 7.5-acre site comprises a 40,998 sq ft Matalan store, a 14.772 sq ft Peugeot car showroom and a remaining 2.47-acre development plot.
Over the last 12 months alone, Glenbrook has completed £74million worth of investment transactions including the £4.625million disposal of Eastgate Retail Park in Lancashire to Threadneedle and the £11.4million Valley Road Industrial Estate in Merseyside to Schroders.
Speaking about the purchase, Chris Lloyd, investment director at Glenbrook commented: “This is an exciting opportunity to expand the Peugeot car showroom and speculatively develop a trade counter or last mile logistics scheme.
“Newport has really benefitted from some fantastic infrastructure investment that will support both residential and commercial development over the next five years.”
Justin Millett, lead director at JLL Cardiff, which advised Glenbrook, continued: “The property is strategically located adjacent to a regionally dominant shopping park and the major Glan Llyn mixed use regeneration scheme and there is a significant opportunity to add value to the asset through repositioning and proactive asset management. JLL already has an existing relationship with Glenbrook in the North West and we are pleased to have helped them to grow their footprint into South Wales.”
Gerald Eve advised Regional REIT.