Cooke & Arkwright’s investment agency team has completed the freehold sale of West Point Industrial Estate in Penarth Road, Cardiff on behalf of Telereal Trillium for a price of £3.45m, reflecting a net initial yield of 6.50%. The 33,977 sq ft industrial estate is multi-let to seven tenants including Cardiff and Vale Health Board, City Sprint (UK) Ltd, Clear Channel UK Ltd and Next Bike.
Cooke & Arkwright originally acquired West Point Industrial Estate for Telereal Trillium in 2017. The disposal marks the successful completion of Telereal Trillium’s asset management plan for the property.
Nick Lawley, investment director at Cooke & Arkwright said, “We’re delighted to have been able to help Telereal Trillium successfully complete their asset management plan with the sale of West Point Industrial Estate. The estate is in a great location with limited supply in the area, and therefore we anticipate it performing well for the purchaser.”
“This is the second Cardiff industrial estate we have sold this year and it attracted good interest from a large number of investors, demonstrating that, despite market uncertainty during 2020, there is continued strong demand from investors for industrial investments.”
Knight Frank acted for the purchaser.