Property consultants Alder King have let four units totalling 28,522 sq ft at Dyffryn Court in Caerphilly since being retained as letting agents by new owners MVJ Capital last year.
Dyffryn Court is located on Dyffryn Industrial Estate, a multi-let industrial estate 13 miles north of Cardiff.
The most recent transaction was the letting of the 15,465 sq ft Unit 3 to Bergstrom Europe. A leading manufacturer of climate control solutions for the commercial vehicle industry, Bergstrom has been based on the industrial estate since 1995. The Welsh operation serves customers in the construction, agriculture and niche automotive markets. Bergstrom agreed an eight-year lease on the unit which will provide additional production/storage space to service new orders.
To help secure the transaction and as part of its asset management programme, the landlord laid a new warehouse floor in the unit to provide a level surface and increase its load-bearing capability. The deal was structured so that the tenant reimburses the landlord for the flooring cost through a stepped rent.
Unit 14 has been let to Libco Logistics, a courier business with contracts with Fedex and Panther Logistics. The 8,295 sq ft unit was taken on a five-year lease and the tenant is due to expand again into Unit 15B, bringing their footprint on the estate to 12,294 sq ft.
Two smaller terraced units have also been let to local electrical and engineering firms.
The 2,390 sq ft Unit 20 has been let to MDD Fabrication & Engineering. A recent start-up specialising in structural steel fabrication and installation projects, this is its first commercial unit. It signed a four-year lease.
The adjacent 2,372 sq ft Unit 21 has been let to Exall Electricals which were previously located on a neighbouring estate. Exall required a good quality small unit providing office and stock storage facilities. A five-year lease was agreed.
Unit 11 remains available totalling 6,919 sq ft which includes mostly warehouse accommodation with office/workshop space and a WC to the front of the property.
Alex Kaine, surveyor at Alder King in Cardiff, said: “With a lack of quality occupational space in the region, there is consistently strong demand for units below 5,000 sq ft. We were even able to let Unit 21 before bringing the property to the open market, using our comprehensive database of tenant requirements in the area to find a good quality tenant.”
MVJ Capital acquired the freehold of Dyffryn Court and the nearby Withey Court last year for £10 million, having identified the potential to add value to both estates through a proactive asset management programme.