Edge Developments has paid £2.8m for a 1.01ha (2.5 acre) site on Newport Road in Cardiff
The site has detailed planning consent for 3,112 sq m (33,500 sq ft) of retail warehouse space, of which 2,183 sq m (23,500 sq ft) is pre-let to Pet City and Byte Computers at £150.6 per sq m (£14.00 per sq ft).
On completion next Spring, the development will show a 7% initial yield. Edge estimates that this will rise to about 10% once the remaining 929 sq m (10,000 sq ft) is let.
Edge Properties which holds a 51% stake in Edge Developments, will provide an £800,000 loan. An additional £3.9m will be raised through bank finance.
EGi News 02/10/96
