St. Modwen has disposed of its seven acre Audley Avenue Enterprise Park site in Newport to the Borough of Telford and Wrekin.
The site, which offers almost 137,000 sq ft of light industrial, warehouse and office space, has been sold by the UK’s leading regeneration specialist for £3.42 million, reflecting a net initial yield of 9%.
Audley Avenue Enterprise Park has consistently been an attractive location for a range of businesses and is fully occupied, supporting 124 local jobs. Long established tenants include Jupiter Marketing, Denios and Contemporary Garden Furniture. The site also has future residential development potential.
Julie Rossiter, senior asset manager at St. Modwen, said: “We continue to see good demand from investors, particularly within the secondary industrial sector. Audley Avenue Enterprise Park is a further example of our ability to transform tired industrial assets into well-managed attractive investments. The scheme attracted significant amount of interest and its subsequent sale was swift and straightforward.
“Property continues to offer attractive returns when compared to other investment options and investors are still keen to inject capital into the right assets, allowing us recycle the capital and create further value for our investors.
“The seven acre site is ideally situated close to the centre of Newport and has remained popular with trade counter operators, automotive industries, and increasingly, successful independent businesses, and represents an excellent investment opportunity.”
Audley Avenue Enterprise Park is located to the south east of Newport, with convenient access to Telford and Stafford via the A518 and Wolverhampton via the A41. Junction 3 of the M54 motorway is approximately eight miles to the south, providing a gateway to the national motorway network. Lambert Smith Hampton acted of behalf of St. Modwen.