Valad completes Llandudno deal
Valad Property Group has sold a Grade 2-listed retail unit at 68 Mostyn Street in Llandudno town centre, North Wales.
The 3,770 sq ft unit was acquired by a private investment company for £450,000 and was conditional upon a new letting to clothing retailer Country Casuals, for a term of 15 years at a rent of £67,000 a year.
Manchester-based retail and leisure property consultants Cheetham & Mortimer, which acted on behalf of Valad, said the incoming tenant will receive an incentive package equivalent to two years rent.
Robert Millington, investment partner at Cheetham & Mortimer, said: "As with many mid-sized towns, Llandudno has endured a difficult period. The simultaneous letting and sale of 68 Mostyn Street will hopefully inject some much-needed confidence back into the high street. We are delighted that our continued focus on providing clients with an effective joined-up approach has delivered such a positive outcome."
Under its new landlord, the building will undergo refurbishment with the new store due to open in spring 2012.
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