Cording acquires Welsh Portfolio

Cording acquires Welsh Portfolio

The Cording Real Estate Group (Cording) has acquired a portfolio of predominantly industrial properties in Wales for £33.4m, reflecting a net initial yield of 8.5%.

The portfolio, which comprises six industrial properties, a hotel and a leisure asset, was acquired from Newport-based RH Properties.

The industrial properties are a mix of single and multi-let units in South Wales. They total 852,000 sq ft and are let at an average rent of £2.27/sq ft with a weighted average unexpired lease term (WAULT) of more than nine years.

They are two units in Swansea let to Trojan Electronics and Unit Superheater Engineering, a unit in Merthyr Tydfil let to Amnitec, a unit in Abercarn let to Smurfitt Kappa, a unit in Cwmbran let to Zodiac Seats and a multi-let unit in Blackwood.

The hotel property in the centre of Newport is let to Travelodge Hotels for a further 17 years and the leisure asset is Leisure@Cwmbran in the town centre, with a range of tenants such as a Vue cinema, a Frankie & Benny’s restaurant and a Bowlplex bowling centre and a combined WAULT of 13.3 years.

The vendor was advised by Allsop.

Mark Millar, head of UK and investment, said: “This portfolio is the type of investment we target for our income strategy.

"It is underpinned by secure, long-term income but offers us the opportunity to apply our asset management skills to refurbish and lease vacant space and renegotiate lease terms with the existing occupiers."

BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans.

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