Asda site sold for £17.9m
Private investor gets town centre land
A MAJOR investment opportunity in Llanelli town centre has been snapped up by a private investor.
The Asda supermarket and petrol station freehold had been on the market for in the region of £20.4 million from owners NewRiver REIT plc, which also owns Carmarthen’s Merlin’s Walk shopping precinct.
The supermarket and petrol station freehold has now sold for just below that £20.4 million asking price, going for £17.9 million.
The 72,460 sq ft store will remain trading as Asda remain tenants of the new owner – who has not been made public at this stage.
The freehold was on the market with Londonbased property specialists Jackson Criss, who described the site as a “major foodstore and petrol filling station investment opportunity.”
Its position next to the town’s St Elli Centre means that as a whole the complex attracts approximately 7 million visitors a year, which equates to 135,000 per week.
Jackson Criss added that Llanelli’s regeneration should be an attractive point to any potential buyer, adding: “Llanelli town centre and the surrounding area has undergone significant transformation in the past six years with an estimated £60 million being committed to improve the town centre streetscape and various other cultural and regeneration projects.”
Allan Lockhart, chief executive of NewRiver REIT plc, said: “We are delighted to have completed this transaction, demonstrating significant progress against our target to recycle 5% of our portfolio this financial year. Since April 1, we have sold, or are under offer to sell, £30.7 million of assets.”
Speaking in April when the site went on the market, the president of Llanelli Chamber of Trade David Darkin said it was a fantastic investment for a landlord as an ongoing concern in the town.
He added: “The Asda site is a primary location in the town centre, and they have invested in the site in recent years, such as the petrol station and click and collect station.
“I believe Asda will continue to thrive in the town for many years to come.”