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Savills in PS500,000 business park deal.

ACTING on behalf of a private client, Savills has sold unit 9 at Oaktree Court at Gate International Business Park.

The PS500,000 deal for the property at the park in Cardiff represents a net initial yield of 6.33%.

The unit extends to 4,200 sq ft over two floors, with the ground floor let to Haymarket Media on a 10-year lease and the first floor currently vacant. The property generates an income of PS36,860 per annum.

Ross Griffin, associate director at Savills, said: "We were pleased to sell the asset in an off-market transaction. We are seeing investor interest growing in the business park investment market in Cardiff."

In a separate deal Silver Crescent Estates, advised by Savills, has acquired unit 4 at Greenmeadow Springs Business Park from receivers DTZ for PS1.21m. The transaction representing a net initial yield of 12.43%. The deal reflects a low capital value of PS60 per sq ft.

The multi-let office building totals 20,293 and is let to occupiers that include Barratt Homes, Newydd Housing Association and the Bank of England, generating a passing rent of PS159,884 per annum.

Mr Griffin said: "Unit 4 at Greenmeadow Springs offered our client strong property fundamentals and good potential to maximise return on investment, especially acquiring off such a low capital value and high running yield."
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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Jul 31, 2013
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