One of South Wales’ largest business parks has been sold to the Welsh Government for £12.35m.
JLL’s Cardiff office advised BlackRock’s Real Estate business on the sale of Pencoed Technology Park, previously held within the BlackRock Europe Property Fund II portfolio.
The property is located on the outskirts of Bridgend and totals 675,000 sq ft. The Park is situated at Junction 35 of the M4 motorway and is a business and industrial complex situated over 57 acres, originally constructed for Sony in the mid 1990’s as a television manufacturing facility. The site provides a mixture of high quality research & development, manufacturing, distribution and office facilities and is home to a number of established and growing businesses.
The purchase will help the Welsh Government in their goal to attract major new inward investment projects to the Bridgend area and create closer working relationships with key employers located at the site, including Sony, Invacare and BBI Healthcare.
Economy Minister Edwina Hart said:” Pencoed Technology Park is one of the best located sites in the convergence area of West Wales and the Valleys. Its acquisition will allow us to exploit the benefit arising from our existing adjacent landholdings where major occupiers include Sony, Ortho Clinical Diagnostics and BBI healthcare. Our intention is to build on the existing concentration of high quality lifescience and manufacturing companies and attract new business and new jobs to the area.”
Justin Millett, head of investment at JLL in Cardiff said: “JLL has advised on Pencoed Technology Park for a number of years. The Park is a valuable asset with an impressive mix of innovative tenants who understand the modern industrial environment and make an extremely valuable contribution to the Welsh economy. The property is a gateway to other Welsh Government ownerships and provides a number of asset management, refurbishment and redevelopment opportunities. We look forward to seeing the site and its occupiers continue to evolve.”
The Welsh Government owns additional business park development land totalling approximately 60 acres between Pencoed Technology Park and the M4 Motorway.
BlackRock were advised on the sale by property consultants JLL and Burgess Salmon solicitors. The Welsh Government was advised by Knight Frank and Morgan Cole solicitors.
Rhys Morgan of Knight Frank, who acted for the Welsh Government, said “this is a key strategic location for occupiers, situated adjacent to the M4, and the acquisition will allow Welsh Government the opportunity to work with business to attract vital investment for the Welsh economy. There is an excellent opportunity to combine the property with the adjacent land, already owned by Welsh Government, to create a high quality manufacturing and lifescience location of exceptional quality for Wales.”