Savills, on behalf of Cardiff Gate Business Park, has completed the sale of Cardiff Gate petrol station and services to Newcore Capital Management for £10 million. The sale price represents a net initial yield of 4.79%.
The asset which is located on South Wales premier business park on Junction 30 of the M4 is let to Shell and Welcome Break at an annual passing rent of £515,023.
Ross Griffin, investment director at Savills Cardiff, comments:
“We are pleased to have advised Cardiff Gate Business Park on its disposal of Cardiff Gate petrol station and services. The prominent motorway service station is in a fantastic location and offered an attractive yield and income strip to the purchaser.”
Andrew Bolt of Tand Advisory, development manager of Cardiff Gate Business Park adds:
“Having combined together the two properties four years ago, we created a well located asset with a strong long term income, that is attractive to the current investment market.”
Nick Lawley, investment director at Cooke & Arkwright, commented
“We are delighted to have secured another social infrastructure asset in an off-market transaction for Newcore Capital Management. We believe this combination of long income with asset management opportunities will provide attractive returns.”
Newcore Capital Management was advised by Cooke & Arkwright.