Prominent Cardiff leisure investment sold for £1.4m
A leisure investment on Cardiff’s St Mary Street has been sold for £1.4m to OJ Group.
The property was sold by Fletcher Morgan on behalf of an in-house client of developer and asset manager Chancerygate.
The 9,649 sq ft investment provides an annual income of £154,000 and is currently home to Stonegate Pub Company (Popworld) and Fantasy Lounge adult entertainment club.
The property’s position on St Mary Street is located in the central core of the city’s bustling nightlife scene.
Matthew Jones, director at Fletcher Morgan, said “We are delighted to have successfully sold this well known leisure investment. The building is multi-let to quality tenants with long term rental income. We are experiencing increased levels of investor interest for similar opportunities in this prime Cardiff city centre A3 location.”
Luke Morley, asset manager at Chancerygate, added: “This property has proven to be an excellent leisure asset for our client, and we have every expectation that it will continue to be so for the OJ Group.
“We are very pleased to have worked with Fletcher Morgan to secure a strong sale price for the property which is indicative of the strong demand for leisure assets in Cardiff city centre.”