A Starbucks drive-thru in Swansea has been sold in a £1.15m property investment deal.
Acting on behalf of MVJ Capital the Cardiff office of property advisory firm Savills, has sold the unit, on Fabian Way, to an undisclosed private buyer.
The 24-hour drive-thru, which opened in 2015, is let to Magic Bean.
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Ross Griffin, investment director at Savills said; “We are pleased to have sold the Starbucks on Fabian Way on behalf of our client in line with their ongoing investment strategy.”
Matthew Pearcey of MVJ Capital said: “We have owned this asset since development but the current strength in the drive-thru investment market gave us a one-off opportunity to exit at such an attractive level.”
Bromwich Hardy acted for the buyer.
In a separate deal, Savills, acting for MVJ Capital, has acquired the Imperial Cars showroom in car in a £3.1m deal from Royal London.
Location on the corner of Penarth Road and Hadfield Road, the 17,000 sq ft property is let to Pendragon Property Holdings and sublet to Imperial Cars.
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Mr Griffin said: “Penarth Road in Cardiff has long been a hub for automotive and bulky goods retailers and this asset is at its heart with an excellent dual frontage on Penarth and Hadfield Road.
We are pleased to have secured the property for our client with the attractive income stream and medium term growth prospects.”
Mr Pearcey said: "This purchase continues our acquisition trail of prime sites around Cardiff with quality tenants, secure income, along with future development potential. This purchase followed on from our £5m acquisition of 31-33 Newport Road, Cardiff, in the latter part of last year."
Automotive Property Consultancy represented Royal London.