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Bruce Gillingham Pollard acquire Marks & Spencer’s flagship Cardiff store for £23.25m on behalf of Topland

Jack Barratt


The store occupies a prime position at 72-76 Queen Street in the heart of the city centre and is uniquely let to M&S PLC for a further 135.5 years. M&S has occupied the building for over 80 years.

This acquisition reflects a net initial yield of 6.42% and a capital value of £194 per sq. ft.

Jack Barratt of Bruce Gillingham Pollard comments “Queen Street Cardiff is still one of the busiest regional high streets in the UK, and with a unique 135 year lease to Marks and Spencer Scottish Limited Partnership we have acquired for a yield I would never have imagined seeing in any use class, especially on this street. Retail remains an investible property class, albeit one that now requires far greater analysis than in the past, given all retailers are getting tarnished with the same brush. M&S remain a top 3 non-food retailer, behind Amazon and JLP, and these types of assets are great counter-cyclical plays, especially when you have 100+ years left on the lease as we do here”.

Bruce Gillingham Pollard advised Topland, while the vendor, M&G, was represented by Knight Frank.

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