LaSalle Investment Management, advised by Savills, has sold 02, 60 Queen Street in Cardiff to Rockspring for £3.347 million, representing a net initial yield of 5.75%.

The property is situated in the prime retail pitch in Cardiff, which is now ranked in the top 5 retail centres in the UK following the completion of St David’s 2 shopping centre.

Let to Telefonica Uk Ltd on a 15-year lease expiring in 2014, the unit produces an income of £203,500 per annum which equates to £260 per sq ft ITZA.

Andrew Phillips, associate at Savills, comments: "The property represented an opportunity to invest in a small prime retail lot on Queen Street. The sale attracted significant interest from a wide range of parties and illustrates that investor demand is still strong for assets perceived as prime even in cities where shopping centre extension schemes have been implemented."

Rockspring was represented by Philip Hay Jackson Criss.