Property consultancy Knight Frank has sold a warehouse unit with offices on Avondale Industrial Estate in Cwmbran to commercial property developer PMG.
Acting on behalf of IG Doors Ltd, it sold the freehold of the 51,695 sq ft Unit 4 warehouse to PMG, which plans to spend a further £500,000 in refurbishing the unit.
Neil Francis, head of Logistics & Industrial at Knight Frank in Cardiff, said:
The warehouse sits on a site of just over two acres to the north of Cwmbran Town Centre and its sale reflects the current popularity of the South Wales industrial sector among proactive developers who can recognise the opportunities that exist.
PMG is a commercial property developer primarily focused on purpose-built student accommodation (PBSA), industrial, retail and land assembly projects. Its major projects in South Wales include Cardiff City Stadium and the adjoining 480,000 sq ft Capital Retail Park and Trident Industrial Park.
Rick Guy, development director at PMG, said:
The purchase of Unit 4 on Avondale Rd in Cwmbran through Knight Frank is what we see as the first of a new drive into buoyant or undervalued sectors. We liked the unit as it provided a well-proportioned 51,000 sqft warehouse that was easily accessible from the M4, with good eaves height and offering different possibilities where we can add value.
We plan to invest in fully refurbishing the unit over the next six months then market the property for rent. Refurbishment works will primarily be focused on specific energy saving initiatives, new epoxy resin floors, refurbished offices, a new yard area and a potential partial re-clad of the entrance to the building.
We have had a long relationship with Knight Frank and they will continue to act for us in the letting of Unit 4, Avondale, Cwmbran.
