25 Sep 2018
Welsh industrial unit rises like a phoenix from the ashes
London, 25 September 2018 – M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that it has sold 49 Hirwaun Industrial Estate in Rhondda Cyon Taff, Wales, on behalf of M7 Real Estate Investment Holdings for £1 million.
The asset was completely destroyed in a fire in February 2016 following which M7 assembled a team to rebuild and oversee the project through to completion. The new warehouse was built in approximately 30 weeks with practical completion signed off in July 2017. M7 then commenced marketing and identified Loadloc, a manufacturer and distributor of fabricated metal, as the preferred purchaser. As part of the sales process Loadloc wanted to extend the building, so M7 worked alongside them to gain the necessary consents.
The 35,000 sq m warehouse provides easy access to Cardiff and the M4 via the A470 dual carriageway and is located adjacent to the A465 connecting it to West Wales and the Midlands.
James Chasen, Asset Manager at M7 said: “This was a large project which M7 coordinated and oversaw resulting in the development of a high quality asset. Whilst undertaking our marketing to secure a tenant for the building, we began discussions with Loadloc, who wished to be become the owner occupier of the property. We helped them create the property they needed for their operations and at the same time realisied value for our investors after successfully completing our active asset management strategy for the building.”
M7 was advised by Jenkins Best. Cushman & Wakefield acted as joint agent.