POWELL LLOYD - RECENT TRANSACTIONS
Powell Lloyd continue to source exciting investment opportunities on behalf of our clients.
Below are some recent examples of these.
Units 4&5, The Waterfront Business Park, Brierley Hill
Two modern industrial & hybrid buildings purchased on behalf of MGTS St Johns High Income Property Fund.
- Both units let to Dudley College of Technology
- 70,827 sq ft in total
- Lease expiries on 2 January 2029
- Combined rent of £310,000 per annum
- Purchased for £3.925m showing a net initial yield of 7.41%
The Osprey Portfolio
A well let portfolio of 4 industrial warehouses purchased on behalf of an overseas client.
- Freehold industrial portfolio in strategic locations in South Wales
- WAULT of 7.7 years to lease expiries and 5.5 years to break options
- Rent of £1,185,714 per annum
- 416,777 sq ft in total
- Purchased for £15.2m showing a net initial yield of 7.25%
Unit 1 Longwood Drive, Cardiff, CF14 7HY
A securely let modern warehouse investment purchased on behalf of London Metric.
- Freehold
- 119,074 sq ft
- Let to Cytiva (Global Life Sciences Manufacturing Ltd) on a new 10 year term
- RPI rent review
- Purchased for £11.066m showing a net initial yield at 5%
Briscombe Retail Park, Barry, CF63 2QW
A well let retail parade investment purchased on behalf of Hollybush Properties Ltd.
- Let to the Greggs PLC and CVS Veterinary Group
- WAULT of 12.29 years (No Breaks)
- The property comprises of 357 (sq m) 3,847 (sq ft)
- Freehold
- Purchased for £1.35m showing a net initial yield at 5.63%
B&M Brecon Enterprise Park, Warren Road, Brecon, LD3 8DT
Long let, secure retail warehouse investment purchased on behalf of MGTS High Income Property Fund.
- Let to B&M Retail Limited with an unexpired term of 13.6 years
- Total ground floor sales area of 25,028 sq ft with mezzanine and covered garden centre
- Passing rent of £315,600 pa reflecting a low rent of £10.73 psf
- Purchased for £4.3m showing a net initial yield at 6.84%
Bryn House & Brecon House, Caerphilly Business Park,
Caerphilly, CF83 3GG
Fully-let Business Park Investment purchased on behalf of a private investor.
- Two high quality Grade A office units totalling 41,642 sq ft
- Let to Link Financial Outsourcing Ltd and Creditsafe
Business Solutions Ltd - WAULT of 7.37 years to lease expiries (no break options)
- Fixed Rental Uplift
- Purchased for £4.59m
The Levels, Phase 2, Capital Business Park, Cardiff, CF3 2PU
A prime multi-let industrial estate sold on behalf of Columbia Threadneedle.
- Modern high quality multi-let industrial estate built in 2006 comprising 119,306 sq ft
- Unit sizes ranging from 3,500 – 21,740 sq ft
- Site area of approximately 7.18 acres (2.904 hectares)
- The dominant and highest quality Industrial Park in Cardiff
and South Wales - Sold for £6.25m showing a net initial yield of 6.3%
Gordano House, Marsh Lane, Easton-In-Gordano,
Bristol, BS20 0NE
A refurbished two storey office building purchased on behalf of a private investor.
- Single let to Etex Building Performance Ltd providing 6.5 years unexpired term
- Rent passing £236,000 pa
- Total of 14,778 sq ft (1,373 sq m)
- Substantial 1.71 acre site, providing 110 car spaces (1:134 sq ft)
- Purchased for £2.7m showing a net initial yield of 8.21%
Units 4,5 & 6 Europa Court, Sheffield Business Park,
Sheffield, S9 1XE
A prime multi-let business park scheme purchased on behalf of a private investor.
- Secure income to HSBC UK Bank Plc & Gleeson Plc
- Freehold
- Rent passing £226,115pa
- Grade A office buildings totalling 18,767 sq ft (1,744 sq m) which excludes Unit 6 (sold off LLH)
- Purchased for £2.5m showing a net initial yield of 8.5%
Units A,B & C Cedar Court Office Park, Denby Dale Road, Wakefield, WF4 3FU
A modern business park scheme purchased on behalf of a private investor.
- 3 detached office premises (one sold off LLH)
- Total of 19,000 sq ft
- Rent passing of £151,530pa (average £12 psf)
- Freehold
- Purchased for £1.675m showing a net initial yield of 8.52%
Q1 & Q2 Imperial Park, Newport, NP10 8UH
A modern multi-let office investment purchased on behalf of Hardington Capital.
- 92,000 sq ft (8,547 sq m) office accommodation
- Fully let to tenants including Target Group Ltd, Welsh Ministers and DAC Beechcroft
- Rent passing of £1,322,000 per annum (£14.37 average per sq ft)
- Freehold
- Purchased for £15,000,000 showing a net initial yield of 8.2%
Former Western Mail Printworks, Pacific Road, Cardiff, CF24 5HJ
A vacant industrial unit purchased on behalf of a private client.
- Freehold
- Located just south of Cardiff City Centre
- 44,117 sq ft (4,098.7 sq m)
- Site of approximately 4.5 acres
- Purchased for £1.85m
3M Healthcare, Unit 3 Bridgend Science Park, Bridgend, CF31 3NA
A single let high yielding office investment purchased on behalf of Hastingwood Securities Ltd.
- Annual rent of £217,677per annum
- Fixed rental uplift in 2021
- 16,842 sq ft
- Let to 3M United Kingdom PLC
- Purchased for £2.41m showing a net initial yield of 8.45%
Wilko & Barnados, Carregammon Road, Ammanford, SA18 3ED
Two new town centre retail units purchased on behalf of Waypoint Asset Management.
- Freehold
- Annual rent of £241,000 per annum
- Let to Wilko and Barnados with a WAULT of 8.85 years
- Purchased for £2.85m showing a net initial yield of 7.92%
Trinity Quay, Kings Road, Swansea, SA1 8PH
Freehold site for student accommodation purchased on behalf of Crown Student Living.
- Surface car park site
- Approximately 1 acre
- Planning for 500 student beds (356 within clusters and 144 studios)
- Purchased for £5.5m
Christopher Grey Court, Llantarnam Park, Cwmbran, NP44 3SE
A modern single let industrial investment purchased on behalf of MGTS High Income Property Fund.
- 61,569 sq ft (5,720 sq m) industrial warehouse
- Let to Spear Group Holdings Ltd with an unexpired term of circa 7 years
- Rent passing of £286,800 per annum (£4.66 per sq ft)
- Virtual Freehold for a term of 999 years
- Purchased for £3,655,000 showing a net initial yield of 7.4%
Mochdre Enterprise Park, Newtown, SY16 4LE
A multi-let industrial estate sold on behalf of Goldtique.
- Freehold estate comprising 16 units, providing a total of 57,485 sq ft (5,386 sq m)
- Annual rent of £200,037 per annum
- Let to a mixture of national and local tenants
- Sold to a private investor for £1.6m
Convenience/Retail Portfolio
A portfolio of 3 convenience/retail assets purchased on behalf of Waypoint Asset Management.
- Located in Llanelli, Caerphilly & Newport
- Freehold
- Let to a variety of tenants including Vets 4 Pets, Dominos, Pappa Johns & Betfred
- Purchased for £3.025m, a net initial yield of 7.5% across the portfolio
Wilko, Singleton Street, Swansea, SA1 3QN
A prominent retail unit in Swansea City Centre purchased on behalf of Waypoint Asset Management.
- New 10 year lease
- Re-based rent of £370,000pa
- LLH interest
- Purchased for £4m showing a net initial yield of 8.2%
Mid/North Wales Industrial Portfolio
A portfolio of 6 industrial estates sold on behalf of Dunedin.
- Freehold
- Let to a variety of national and local occupiers
- The portfolio comprises 44 units totalling 65,669 sq ft (6,100 sq m)
- Total rent of £275,769pa
- Sold to a private investor for the asking price of £2.865m
43/44/45 The Parade, Cardiff CF23 3AB
A terrace of three period offices sold on behalf of Hollybush Properties Ltd.
- Freehold
- Let to NHS, VFC Charity and Kings Monkton School
- Total rent of £88,120pa
- Sold for £1.175m showing a net initial yield of 7.1%
Dunelm, Upper Boat Trading Estate, Pontypridd, CF37 5BP
A modern well let retail warehouse sold on behalf of Columbia Threadneedle.
- Let to Dunelm Group for 14 years unexpired term
- Comprising 34,000 sq ft
- Rental income of £248,500 per annum
- Freehold
- 5 yearly upwards only rent reviews to OMV – capped at 2% pa compounded
- Sold for £3.3m showing an equivalent yield of 7.1%
Shell Petrol Filling Station, M4 J30 Malthouse Avenue, Cardiff, CF23 8RA
An M4 Motorway Services petrol station sold on behalf of Columbia Threadneedle.
- Let to Shell at an annual rent of £279,000
- Approximately 4.5years to lease expiry
- Long leasehold
- Sold for £4m showing a net initial yield of 6.5%
Units 1, 2 & 3 Hamlin Way, Hardwick Narrows Industrial Estate, King's Lynn, PE30 4NG
A single let industrial warehouse with re-development potential sold on behalf of Andiamo.
- Let to Gardman Ltd for a term of 11 years from May 2008
- Comprising 331,618 sq ft
- Rental income of £375,000 per annum
- Freehold
- Sold for £2.3m
Dunelm, Upper Boat Trading Estate, Pontypridd, CF37 5BP
A modern well let retail warehouse purchased on behalf of Columbia Threadneedle.
- Let to Dunelm Group on a new 15 year lease
- Comprising 34,000 sq ft
- Rental income of £248,500 per annum
- Freehold
- Purchased for £2.6m showing an equivalent yield of 7.5%
One Cathedral Square, Trinity Street, Bristol, BS1 5DL
Freehold City Centre office building purchased on behalf of Mercer Real Estate Partners.
- Comprising 53,696 sq ft (4,988 sq m)
- Full Vacant Possession
- Refurbishment opportunity
- Purchased for £7.3m
Pentood Enterprise Park, Cardigan, SA43 3AG
A multi-let industrial estate sold on behalf of Hansteen.
- The estate comprises 14 units, providing a total 40,660 sq ft
(3,777 sq m) - Fully let
- Annual rent of £112,800 per annum
- Freehold
- Sold for £1.0875m showing a net initial yield of 9.8%
Caradog House, Cardiff, CF10 3BE
Freehold town centre office investment purchased on behalf of Crown Student Living.
- Totalling 53,974 sq ft over lower ground to fourth floors
- Let to The Secretary of State for the Environment until 28 September 2020 subject to a tenant break option on 31 March 2018
- Passing rent of £709,610 per annum
- Purchased for £7.5m showing a net initial yield of 8.94%
- Client has received planning permission for change of use to student accommodation to comprise 378 beds.
Cadarn House, Cardiff, CF23 8FF
A modern two storey detached out of town office investment purchased on behalf of F&C Reit.
- Fully occupied by Barclaycard until May 2018
- 28,851 sq ft (2,680.32 sq m) net internal area
- Rental income of £360,000 per annum
- Freehold
- Purchased for £2.835m showing a net initial yield of 12%
Waitrose, Pentwyn Road, Cardiff, CF23 7HX
A modern, well-let food store purchased on behalf of F&C Reit.
- Let to Waitrose Limited on a 20 year FRI lease from 10 March 2008
- Subject to five yearly rent reviews with fixed 2.5% per annum compound uplifts
- Rental income of £765,584 per annum
- Freehold
- Purchased for £15.3m showing a net initial yield of 4.73%
Units 11 & 11A Callywith Gate Industrial Estate, Bodmin, PL31 2RQ
A well let industrial warehouse sold on behalf of Richard Hayward Properties.
- Excellent location in a prominent position on Callywith Gate Industrial Estate
- Freehold
- 60% of income let to Royal Mail Group Limited on a new 15 year lease without break from May 2013
- Rental income of £170,000pa with guaranteed fixed uplifts
- Sold for £1.96m showing a net initial of 8.19%
Fusion Point II, Cardiff, CF10 5BF
Prime City Centre multi-let office investment purchased on behalf of Fidelity International Real Estate Fund.
- Freehold 'Grade A' office building completed in 2007 and developed to a high specification
- Comprises 59,750 sq ft (5,551 sq m) over 4 storeys with open plan, flexible floor plates and 59 car parking spaces
- Fully let to a diverse range of tenants including Deloitte LLP, Balfour Beatty Group Limited and ACAS
- Total rent of £1,015,124 per annum which equates to £16.98 per sq ft
- Multi let with a WAULT of 8.03 years to lease expiries and 3.99 years to break options
- Purchased for £11.2m showing a net initial yield of 8.6%
Mill Street Industrial Estate, Abergavenny, NP7 5HE
A multi-let industrial estate sold on behalf of Hansteen.
- The estate comprises 23 units, providing a total of 39,648 sq ft
(3,683 sq m) - Low vacancy rate of 9.37%
- Annual rental of £249,086 per annum
- Freehold
- Sold for £2.56m showing a net initial yield of 9.19%
Carluccio’s, 27 Spital Square, London, E1 6DZ
A modern ground floor restaurant unit purchased on behalf of CBRE Global Investors.
- The unit comprises 3,829 sq ft (355.6sq m) of restaurant and storage accommodation
- Let to Carluccio’s Limited on an FRI lease expiring on 28 September 2026 proving approx. 13 years unexpired income
- The rent passing is £139,578pa with unfettered RPI uplifts
- Long leasehold interest at a peppercorn
- Purchased for £2.807m reflecting a net initial yield of 4.7%
Bus Station, Plymouth Street, Swansea, SA1 3QF
A newly constructed retail investment purchased on behalf of Waypoint Asset Management Limited.
- 3 retail units (A1/A3) providing 11,033 sq ft (1,025 sq m)
- Situated within the new covered Bus/Coach Station, which generates 10,600,000 passenger movements per annum
- Let to Co-op, Costa Coffee and Greggs
- Long leasehold interest
- Purchased for £2.1m reflecting a net initial yield of 7.6% - with guaranteed uplifts
Wales & West House, Celtic Springs Business Park, Newport, NP10 8FZ
A modern headquarters office building purchased on behalf of the occupier; Wales & West Utilities
- 35,590 sq ft of high specification office accommodation
- Freehold
- Let to Wales and West Utilities Ltd until June 2021
- Purchased for £6.25m
Llanrumney Medical Centre, Ball Rd Llanrumney, Cardiff, CF3 5NP
Purpose built medical centre investment acquired for Primary Health Properties.
- Modern high specification two storey detached medical centre and pharmacy building
- Comprising circa 1,099.37 sq m (11,833 sq ft) with 52 parking spaces
- Average Weighted Unexpired Lease Term of 23.57 years to expiry (12.64 years to break)
- Purchased for £2.2m showing a net initial yield of 7.25%
Capital Tower and Friary House, Greyfriars Road, Cardiff, CF10 3AE
Prime City Centre Office and Leisure Investment acquired on behalf of Topland Group.
- Freehold Landmark buildings – Capital Tower, a high profile office building and Friary House, a mixed use office / leisure investment
- Capital Tower – Cardiff's tallest building comprising 25 floors and 123,681 sq ft
- Friary House – a 9 storey mixed use building with seven floors of office space and three floors of leisure space totalling 68,808 sq ft
- AWULT of 5.92 years to break and 7.24 years lease expiry – average rental of £12.34 psf
- Purchased for £12.35m showing a net initial yield of 18.9%
Westons Way, Kingswood, Bristol, BS15 9RR
Neighbourhood Retail Centre purchased for Local Shopping REIT.
- Retail scheme anchored by Tesco Express
- Freehold
- Bought for £1.018m providing a net initial yield of 7.25%
17 Shannon Way, Tewkesbury Business Park, Tewkesbury GL20 8ND
Prime Industrial Warehouse Investment acquired on behalf of A & J Mucklow.
- Excellent location adjacent to Junction 9 of the M5
- Freehold, modern building comprising 64,346 sq ft
- Let to Chesapeake Ltd, D&B Rating 5A1 on a 15 year unbroken term
- Purchased for £3.95m showing a net initial yield of 7.3%
226 – 227 Oxford Street, Swansea, SA1 3BS
Prime City Centre Retail Investment acquired on behalf of private client.
- The property occupies a 100% prime location
- Ground Floor Sales of circa 5,670 sq ft (526.76 sq m)
- Let to Next Group Plc for 10 years from March 2011
- Long leasehold
- Purchased for £2.65m showing a net initial yield of 7%
125 – 139 Queen Street, Cardiff, CF10 2BJ
Prime City Centre Retail Investment acquired on behalf of Aberdeen Asset Managers.
- Well secured retail investment located in the centre of Cardiff
- 20,000 sq ft Sainsburys Supermarket plus two well let unit shops strategically located opposite Queen Street rail station
- Let to KFC, Starbucks and Sainsburys
- Freehold property
- Rent passing of £1,021,250pa
- Purchased for £17.02m
697 Station Road, Kenilworth, CV8 1JD
Prominent Retail Unit acquired on behalf of a private investor.
- Well secured retail investment located in Kenilworth Town Centre
- Well configured, recently refurbished retail unit adjacent to a newly developed Waitrose Supermarket and the main town centre car park
- Freehold property comprising 1,357 sq m (14,602 sq ft)
- Let to Wilkinson Hardware Stores Limited (D&B rating 5A1) for a further 14.7 years with a tenant break option in 2021
- Rent passing of £110,000pa
- Purchased for £1.65m
