Property investment and development company, Richard Hayward Properties (RHP) has sold two South Wales industrial investments to Threedneedle Investments UK in six months.
Both properties are located on Parc Nantgarw, an established, mixed-use business park in Treforest, close the M4, just north of Cardiff. They were sold for a total of £4.98 million.
The 23,578 sq ft Unit 6.3 has just been sold for £1.47 million. It is let to Doosan International UK Ltd, a specialist machinery manufacturer and provider for the construction industry, on a lease with 2.5 years term certain. It was sold with a passing rent of £142,500 per annum. The unit comprises office accommodation to the front and warehousing to the rear. It also has 32 dedicated parking spaces.
This is the second sale to Threadneedle on this site this year. The 51,507 sq ft Unit 6.1, a former warehouse now converted to office space and let to GMAC UK PLC, was sold to the investment management company in June. Unit 6.1 is let on a lease with 14 years remaining at a rent of £273,778 per annum.
The sales showed a combined net initial yield of around 8%.
Richard Hayward, principal of RHP, said:
“These two deals are the latest in a series of successful investment sales completed during 2014, which have raised a total of over £12 million. This, together with various confirmed funding facilities that we have put in place, mean that we are very much in the market for new development and business opportunities across all sectors for outright purchase, joint venture or partnership.
"We are currently on-site with five major developments as well as numerous smaller projects, but we have ambitious growth plans and are hungry for more. The whole team is committed to delivering further employment generation projects across Wales and with the finances in place, we are able to move quickly while our flexible, imaginative approach enables to unlock complex situations and identify real solutions.”
Savills acted for RHP on the sale of both Nantgarw properties to Threadneedle.