18th July 2014
Alder King secures freehold sale of Cardiff Burger King restaurant
Acting on behalf of Chadwick Holdings, property consultants Alder King have sold the freehold investment of the Burger King restaurant on Newport Road in Cardiff to a private investor, represented by Savills.
The property at 473 Newport Road comprises a single storey drive-thru restaurant let to Burger King Ltd on a 25 year FRI lease expiring in 2024 at an annual rental of £75,000.
The purchase price of £990,000 reflected a net initial yield of 7.16%.
Oli Stretton, associate in Alder King’s investment team, commented: “The asset was sold as part of a broader business strategy and Alder King are now actively seeking opportunities to re-invest on behalf of Chadwick Holdings in accordance with their revised business plan.”