An 8.6 acre industrial site in a prime location close to the M4 has sold for £6million in an investment deal concluded by award-winning commercial property specialist Bromwich Hardy.
The site, on the Queensway Meadows Industrial Estate in Newport, South Wales, has been bought by an unnamed investor.
Bromwich Hardy founding partner Tom Bromwich said the excellent location and attractive long-term income potential were key factors in securing the 93,000 sq ft site for his client.
“The site ticks all the boxes as a first-rate investment opportunity and we were delighted to secure it for our client.
“It is home to excellent tenants in car supermarket Motorpoint, who have a longstanding lease, is situated within easy reach of the M4, Cardiff and Bristol and there is significant development investment in the nearby area.
“These larger sites are of particular interest to the motor industry and all the conditions are in place here for the site to generate a healthy long-term income and return on investment.”
Motorpoint had a turnover of £1,058million in 2019 along with a profit of £22.8million and a net worth of £54.1million. Tom acted jointly with Richard Howell at Avison Young in the acquisition.
The deal is the latest success for Coventry-based Bromwich Hardy, which was revealed to be the ninth-best performing agency across the country in new EG Radius on-demand rankings earlier this month.
“Despite the pandemic we have been able to use our wealth of knowledge and years of experience to continue to secure deals all over the country,” added Tom. “It remains the case that the right properties will still prove to be hugely attractive to the right clients and we have a team here which is expert at making those connections.”