Chartwell Land has contracted to sell a shopping centre in Bridgend, Wales to Great Portland Estates for £14.45m. The deal reflects an 8% initial yield.
The Rhiw Centre and Nolton Arcadeand is let to tenants including Boots, WH Smith, Fosters, Richards, Shoe Express, Allsports and Sports Division, and generates £1.2m pa income.
The centre was built in 1972 and bought by Chartwell from the from receivers to Hardanger for £9.4m in 1992. Chartwell then refurbished it.
Buckley Smith & Partners acted for Chartwell Land and Phillips Wilks & Partners acted for Great Portland Estates.
EGi News 17/12/97
