Prospect Park in Swansea has seen a raft of lettings in the last few months resulting in the park now being 80 % let or sold.
The estate was acquired by Prospect Estates Limited, a privately-owned property investment company, in December 2014. The estate comprises 250,000 sq ft of factory and warehouse buildings on a 17.5 acre site.
The most recent deals agreed have been to Premier Leasing & Finance, AWE Aluminum and Kelly Services which have collectively taken 13,000 sq ft of industrial/warehouse space.
Simon Micklethwaite, Regional Surveyor at Prospect Estates, said:
“We are delighted with what has been achieved at Prospect Park. We understood what the issues were with the estate and addressed these through proactive asset management initiatives. The lettings and sales here demonstrate that with the right asset management strategy and proactive agency, older refurbished estates can compete with more modern units.”
Cushman & Wakefield’s Cardiff office is the letting agent at the estate.
Chris Yates, Associate at Cushman Wakefield, added:
“Since acquiring the property back in 2014, Prospect Estates has undertaken a phased refurbishment and reconfiguration programme which has resulted in the release of some much-needed quality industrial stock back into the Swansea market. The latest phase includes nearly 50,000 sq ft of refurbished warehousing / distribution accommodation which is capable of being let either as a whole or in part. With approximately 13,000 sq ft of this space already under offer, in advance of practical completion, it bodes well for the future marketing prospects and is testament to the quality of product being offered in a supply starved commercial market.
He added: “Furthermore, the site benefits from excellent road links to the A483 and M4 Junction 47, 2.5 miles to the north, as well as being within close proximity of Swansea city centre, just three miles to the south east.”