Helical Bar announced that it has sold 10 The Hayes in Cardiff for £14.8 mln to the Henderson UK Property Unit Trust. The disposal price represents a net initial yield of 5.75%.
The property, which comprises 68,477 ft² of modern retail premises in the center of Cardiff, is currently let to TK Maxx until 2021. Helical has owned the property as part of its wider retail interest in Cardiff, including The Morgan Quarter, The Hayes and St Mary Street, since 2005 and it was subject to a substantial redevelopment in 2006.
Jack Pitman, Director at Helical Bar plc, commented: "The disposal of the TK Maxx store in Cardiff represents a further step in our drive to dispose of some of our lower yielding retail assets and recycle our capital into higher yielding assets such as Huddersfield Retail Park and the Quartz Portfolio, both of which we acquired in September 2013."
Jones Lang LaSalle represented Helical Bar plc; Knight Frank represented Henderson UK Property Unit Trust.
Source: Helical Bar