Property consultancy Knight Frank has offered a warehouse unit with places of work on Avondale Industrial Property in Cwmbran to industrial property developer PMG.
Appearing on behalf of IG Doorways Ltd, it offered the freehold of the 51,695 sq ft Unit 4 warehouse to PMG, which plans to spend an extra £500,000 in refurbishing the unit.
Neil Francis, head of Logistics & Industrial at Knight Frank in Cardiff, stated:
The warehouse sits on a website of simply over two acres to the north of Cwmbran City Centre and its sale displays the present reputation of the South Wales industrial sector amongst proactive builders who can recognise the alternatives that exist.
PMG is a industrial property developer primarily targeted on purpose-built scholar lodging (PBSA), industrial, retail and land meeting initiatives. Its main initiatives in South Wales embody Cardiff Metropolis Stadium and the adjoining 480,000 sq ft Capital Retail Park and Trident Industrial Park.
Rick Man, growth director at PMG, stated:
The acquisition of Unit 4 on Avondale Rd in Cwmbran by way of Knight Frank is what we see as the primary of a brand new drive into buoyant or undervalued sectors. We appreciated the unit because it offered a well-proportioned 51,000 sqft warehouse that was simply accessible from the M4, with good eaves top and providing totally different prospects the place we will add worth.
We plan to spend money on totally refurbishing the unit over the following six months then market the property for lease. Refurbishment works will primarily be targeted on particular power saving initiatives, new epoxy resin flooring, refurbished places of work, a brand new yard space and a possible partial re-clad of the doorway to the constructing.
We now have had a protracted relationship with Knight Frank and they’ll proceed to behave for us within the letting of Unit 4, Avondale, Cwmbran.
