Centros Miller has sold its Crane Street retail development in Pontypool, south Wales, for £4.46m to Irish investor HP Morgan, reflecting a net initial yield of 6.00%.
The 46,600 sq ft scheme comprises four units let to Farmfoods, Peacocks, Argos and Wilkinsons, all of which will open this month. Rents range from £46,000 pa to £115,000 pa.
The development, which is part of an £11m urban regeneration scheme in the town centre, is anchored by a food store comprising 45,000 sq ft , which Centros Miller forward sold to Tesco.
The scheme benefited from Welsh Development Agency funding and was undertaken in partnership with Torfaen council.
Alder King advised Centros Miller, while DTZ represented JP Morgan.
References: EGi News 13/10/04
