Cardiff Gate Business Park has sold Cardiff Gate petrol station and services to Newcore Capital Management for £10m through Savills. The sale price represents a 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.

The food and beverage offer at Welcome Break includes Burger King, KFC Drive Thru, Starbucks, Krispy Kreme, Starbucks on the Go. There is also an Ibis hotel.

Andrew Bolt of Tand Advisory, development manager of Cardiff Gate Business Park, said, “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, commented, “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.”

Nick Lawley, investment director at Cooke & Arkwright, commented, “We are delighted to have secured another social infrastructure asset in an off-market transaction for Newcore Capital Management. We believe this combination of long income with asset management opportunities will provide attractive returns.”