Tue, 14 Mar 2023 | COMMERCIAL PROPERTY
A Swansea industrial estate has been put up for sale with an asking price of £5.5 million. The 17.51 acre Prospect Park estate is being marketed for sale by the Cardiff office of specialist property advisory firm Savills on behalf of Colmac Estates.
The estate covers an area of 189,000 sq ft and is currently close to 100 per cent occupied, with existing tenants including Hurns Brewery, Unichem, PromineMono, TNT and Welsh Boxes. In addition, the site also includes plots with potential for future development, conditional on the requisite planning approval being gained.
The Prospect Park estate is located at Queensway, part of the Swansea West Business Park. The site generates rental income around £590,000 per year, which represents a net initial yield of close to 10 per cent and a capital value of over £29 per sq ft.
The park, which is in a well-established industrial and commercial location, is located approximately 3 miles south east of Swansea city centre and also offers good road links for tenants, with junction 47 of the M4 motorway located just 2.5 miles to the north of the park via the A483 Carmarthen Road.
Commenting on the sale, Savills Cardiff director and head of investment Ross Griffin 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.”
Read about another piece of industrial property that recently hit the market in Wales.
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