Cardiff Gate petrol station and services acquired for £10m

7 October 2020
  • Cardiff Gate petrol station and services acquired by Cooke & Arkwright for Newcore Capital Management
  • Cardiff Gate petrol station and services acquired by Cooke & Arkwright for Newcore Capital Management

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Cardiff Gate Business Park has completed the sale of Cardiff Gate petrol station and services to Newcore Capital Management for £10 million. The sale price represents and net initial yield of 4.79%.

The asset which is located on South Wales premier business park on Junction 30 of the M4 is let to Shell and Welcome Break at an annual passing rent of £515,023.

Cooke & Arkwright advised Newcore Capital Management on the acquisition.  Nick Lawley, Investment Director at Cooke & Arkwright, commented “My client is delighted to have secured another social infrastructure asset in an off-market transaction, and we believe this combination of long income with asset management opportunities will provide attractive returns”

Andrew Bolt of TAND Advisory, Development Manager of Cardiff Gate Business Park commented: “Having combined together the two properties four years ago, we created a well-located asset with a strong long-term income, that is attractive to the current investment market.”

Ross Griffin, Investment Director at Savills Cardiff, comments: “We are pleased to have advised Cardiff Gate Business Park on its disposal of Cardiff Gate petrol station and services. The prominent motorway service station is in a fantastic location and offered an attractive yield and income strip to the purchaser.”

Cooke & Arkwright have been providing Newport City Council with rating advice for over 20 years. Andrew, Jane and Huw provide a personal and professional service and have an excellent knowledge of the Council’s assets which has enabled the Council to achieve substantial rate savings. A useful service offered is the status report which provides us with a snapshot of what appeals have been made and appeals outstanding throughout the life of the List. I would recommend Cooke & Arkwright Rating Services to any company wishing to procure up-to-date and professional rating advice.

Eirian Jones, Estates Team Leader, Newport Norse