Quidnet Capital, represented by international real estate advisor Savills, have sold 1-2 The Friary in Cardiff to a syndicate of wealth management company, Lewis Investment, for £4 million.
The deal represents a net initial yield of 6.39%.
The two units in The Friary are currently let to the Slug and Lettuce Company and Revolucion De Cuba and generate an annual income of £269,000.
Set over 14,864 sq ft (1,380 sq m) the property is situated on the ground floor of the prominent Capital Tower office building in Cardiff and is just off the prime retail pitch of Queen Street.
Ross Griffin, director of investment at Savills Cardiff, comments: “Cardiff’s leisure market benefits from a large catchment population including the resident students, making this an attractive asset.
“We are pleased to have sold 1-2 The Friary for our clients following a successful marketing campaign.”
Justin Millett of JLL who advised Lewis Investment adds: “Appetite from investors for the leisure sector in Cardiff is being driven by longer income, strong demographics and key locations which are attractive to a variety of occupiers.”