Denvale Trade Parks has sold its investment in Cardiff Trade Park on Ocean Way for just under £10.5m, reflecting a yield of 7.75%
The recently completed 5,196 sq m (56,000 sq ft) scheme is a joint development with Maple Oak. A Denvale spokesman said: “The sale provides evidence of the attraction to financial institutions of our concept. We intend to use the proceeds to buy further sites.”
Meanwhile, Denvale has forward-funded its 2,652 sq m (28,550 sq ft) Basingstoke development with Lionbrook Property Partnership.
Construction has just started on the trade counter-style scheme, which fronts the Houndsmill roundabout and completion is due in October.
Construction will start on a £12m, 7,905 sq m (86,000 sq ft) in Crawley, Sussex, this month. The site was purchased from Sainsbury’s and drinks firm Diageo last year. No tenants have been signed as yet. Completion is due by the end of the year.
EGi News 12/06/00
