Property overview

Acting on behalf of a LCP, Franck-Steier Price Ltd (FSP) and Lewis Ellis have acquired a multi let retail and office block in the centre of Carmarthen.

The property is located in the town centre between St Catherine’s Walk and Merlin’s Walk Shopping Centres. There are 10 ground floor retail units with three floors of offices above.

The property is multi let with 77% of income secured to Greggs, Clintons, Caffe Nero, Santander, CEX & Ryman. The WAULT is 5.2 years to expiries and 4.9 years to breaks. The total income is £436,804 with a triple net position of £351,872 per annum.

The investment was purchased for £3,370,000, reflecting an initial yield of 12.17% and a triple net position of 9.81%. Joiner Cummings acted for the vendor.