Savills, on behalf of Garrison Barclay Estates, has sold Magden Park in Llantrisant to a private property company for £7.250 million, reflecting a net initial yield of 7.20%.
The park comprises of just under 45,000 sq ft of high quality office space across 9 buildings let to tenants that include the NHS and Giles Insurance Brokers. A Costa drive thru unit has also recently opened next door to the Premier Inn also on the park. The sale included some additional development land.
Located on the A4119, Magden Park is around half an hour from Cardiff and benefits from easy access to junction 34 of the M4 and south Wales. The Park also adjoins the Royal Glamorgan Hospital.
Ross Griffin, investment director at Savills Cardiff, comments: “The sale of Magden Park reflects the sustained appetite for assets that have significant potential for further development and asset management opportunities. The excellent location and tenant line up at Magden further increased its appeal and we are pleased to have secured the sale for our client who has proudly and comprehensively developed the park over the last 10-12 years.”
Robert Emanuel, partner at Emanuel Jones, commented: “The acquisition was a perfect fit for our client’s investment criteria. The site provides real asset management potential and we look forward to working on enhancing the value of the development.”