BIG MONEY DEALS ARE A SIGN OF GROWTH FOR RHP
A series of sales and acquisitions this summer have seen continued growth for Richard Hayward Properties in all areas of the business, not just the consumer focused retail and luxury markets.
Over the last couple of months, traditionally a quiet period in the business, RHP has bought the Smurfit Kappa Building on the Prince of Wales Industrial Estate in Abercarn for £1.6 million. The 131, 228 sq ft estate sits on a self contained site of 13.9 acres with potential for alternative or additional uses.
The purchase price reflects a net initial yield of 14.6 per cent and a low capital value of £12.20 per sq ft.
At the same time, the property development and investment company has sold the 60, 000 sq ft Gateway site at Abercynon for £1.5 million to Trade Centre Wales which intends to change the building use from a furniture manufacturer to a car salesroom.
The site has 25 car parking spaces to the front of the property and 90 car parking spaces to the rear. There is also sufficient room for the expansion of the building.
These sale and acquisition deals have all be happening at a time when RHP has also been involved in high profile redevelopments across Wales, but it has still remained true to the heart of its business, holding onto property when it can and selling only when the time is right.
Principal of RHP, Richard Hayward said: “All of this movement, made at a time when we want to make it, show that RHP is very much a business looking forward. We have held onto property throughout the recession and as a result had a lot of equity which has been our key to success.”
In addition RHP has purchased Compass House, near the new Swansea University campus for a further £185,000. This is both a strategic and investment buy as the purchase of the building and land will give extra access to the company’s site, partially occupied by Trojan electronics. The 180,000 sq ft Kings Dock building, where Trojan now have their headquarters, is part of RHP’s planned regeneration of 45-acres of the former Visteon works and the two part signing to Trojan was one of the largest industrial lettings in South Wales in many years,
In addition the building will be converted to student housing to capitalise on the university’s growth.
Other high profile projects in the past year have included Richard Hayward’s own future home at Beachcliff, Penarth , where the first apartments are due to be launched next month, overseeing the planning process for Olympia House and developing a new Premier Inn in Newport.