An industrial estate in Swansea is up for sale with a £5.5m price tag. Prospect Park, which extends to 189,000 sq ft and is nearly 100% occupied, is being marketed on behalf of Colmac Estates by the Cardiff office of international property advisory firm Savills.
The estate generates an annual rental income of £590,000 per annum, representing a net initial yield of just under 10% and a capital value of more than £29 per sq ft.
The site extends to 17.51 acre and includes plots with future development potential – subject to planning approval.
The scheme is located at Queensway on Swansea West Business Park. Existing tenants include PromineMono, Unichem, TNT, Welsh Boxes and Hurns Brewery.
Ross Griffin, director in the UK investment team at Savills Cardiff, said: “Wales is facing a shortage of industrial space and so it is becoming increasingly rare to see an industrial estate of this scale hit the market and one of a freehold nature in Swansea. Investors will have the additional benefit of further development potential on the site as well as further rental growth and as a result we expect strong demand.”
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