A Cardiff petrol station and an adjoining petrol station were sold for £ 10million.
Savills, acting on behalf of Cardiff Gate Business Park, has completed the sale of the Cardiff Gate gas station and services to Newcore Capital Management.
The sale price of £ 10million represents an initial net yield of 4.79%.
The asset, at junction 30 of the M4, is leased to Shell and Welcome Break for an annual rent of £ 515,023.
Ross Griffin, Director of Investments in the Cardiff Savills office, said: “We are delighted to have advised Cardiff Gate Business Park on its divestiture of Cardiff Gate gas station and services. The leading freeway service station is in a fantastic location and has offered an attractive yield and revenue stream to the buyer.
Andrew Bolt of Tand Advisory, Director of Development for Cardiff Gate Business Park, said: “After combining the two properties four years ago, we have created a well-located asset with solid long-term income, which is attractive to the current investment market. ”
Newcore Capital Management was advised by Cooke & Arkwright.
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Nick Lawley, Chief Investment Officer at Cooke & Arkwright, said: “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 and asset management opportunities will provide attractive returns. ”