The Darkgate Centre, Carmarthen
In January 2017, Joiner Cummings acted on the sale of The Darkgate Centre, Carmarthen for APAM. The property was sold to LCP for £3.37m (9.8% Triple Net Yield)
- Prominent multi-let town centre retail investment.
- Located in prime position on the main pedestrian thoroughfare between St Catherine’s Walk and Merlin’s Walk Shopping Centres. Retailers in immediate vicinity include Boots, O2, Marks & Spencer and Superdrug.
- Comprises 10 prominent retail units totalling 19,190 sq ft, with separately accessed offices totalling 16,612 sq ft NIA at 1st, 2nd and 3rd floors and a substantial rear car park for 35 cars.
- 77% of total income from national multiples including Greggs, Clintons Cards,Café Nero, Santander, CEX and Ryman providing excellent diversity of income.
- The retail element offers an attractive WAULT of 5.2 yrs to expiry/4.9 yrs to break.
- Low rentals offer excellent potential for future growth.
- Numerous asset management opportunities with potential to convert the upper parts to higher value uses including residential.