The Conygar Investment Company has bought a multi-let freehold industrial site in Colwyn Bay, North Wales, for a total consideration of £2.8m including costs.
The property investment and development group said Mochdre Commerce Park comprises approximately 22 acres and 191,000 sq ft of modern industrial space and is strategically located adjoining the A55 expressway midway between Holyhead and Chester.
The property is part let to three tenants with a passing rent of £106,942 pa, which should increase to £166,942 once two lettings currently in advanced negotiation are completed. The remaining 146,000 sq ft is vacant.
The commerce park has suffered from under-investment in recent times, and offers excellent asset management and development opportunities with which to add significant value, said Conygar, which will look to invest in updating and refurbishing the vacant units and potentially developing additional units.
Conygar chief executive Robert Ware said: “This acquisition offers excellent opportunities for us to add real value in this strategically important area of North Wales. Our local knowledge and contacts, plus the experience gained from our development at Parc Cybi on the outskirts of Holyhead, will be critical in successfully developing the commerce park. Whilst primarily a development opportunity, the existing rental yield ensures the asset will remain cash positive whilst we refurbish and possibly redevelop other parts of the park.”
bridget.o’connell@estatesgazette.com
