Savills, on behalf of Colmac Estates Ltd, has brought to market Prospect Park in Swansea, for £5.50 million with a current income of just under £590,000 per annum, representing a net initial yield of just under 10% and a capital value of just over £29 per sq ft.
The multi let industrial estate with ancillary offices spans approximately 189,000 sq ft (17,558 sq m) across a large warehouse that has been split into a number of units as well as several multi let terraces. The site measures approximately 17.51 acres (7.085 hectares) and includes plots that have future development potential, subject to planning potential.
The property is located on Queensway at Swansea West Business Park, approximately 3 miles from Junction 47 of the M4 Motorway, via the A483. Swansea City centre lies approximately 4 miles to the south. Prominent occupiers in the area include include Mono, Unichem, TNT, Welsh Boxes and Hurns Brewery. Swansea is the second largest city in Wales, and has developed into the principal retailing and commercial centre for the south west of Wales, which is currently seeing significant re development of the City.
Ross Griffin, Director in the UK investment team at Savills Cardiff, says: “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.”
