Thu, 28 Oct 2021 | COMMERCIAL PROPERTY
The building on Cardiff’s Queen Street housing the city’s branch of fast food chain Jollibee has been put up for sale, with offers of over £2.16 million being sought. The price tag reflects a 6.25 per cent net initial yield.
The site, 78 Queen Street, sits prominently in Cardiff’s city centre on the corner of Queen Street and Charles Street. The property was recently let to Jollibee on a 15-year lease, with the restaurant opening for business in July 2021.
The property has been brought to market by commercial property agency Cooke & Arkwright on behalf of current owners Savills Investment Management. Cooke & Arkwright’s Investment Director Nick Lawley is acting as the site’s sole marketing agent.
Lawley said: “78 Queen Street has been one of the best known fast food destinations in Cardiff city centre for decades and our client was delighted to secure Jollibee as tenant on a new long-term lease.”
“This investment opportunity offers an investor a long-term income stream from one of the biggest global fast food operators and at a yield that looks attractive in comparison to the returns currently offered by other asset classes.”
Filipino chain Jollibee has more than 1,400 restaurants around the world, but, despite strong consumer demand, only a limited number of locations in the UK. In addition to Cardiff, the chain has two restaurants in London at Leicester Square and Earls Court, as well as sites in Liverpool, Leeds, Leicester, Edinburgh and Reading. The firm plans to open an additional 50 UK sites by 2025.
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