A BUSINESS park in Monmouthshire has been sold as part of a multi-million pound transaction.

This week, it has been confirmed that Beacon Business Park in Caldicot has been acquired by Industrials REIT.

The business park, located near to the M4 and Prince of Wales Bridge, changed hands for an eye-watering sum of £7.9 million.

It is understood that this represents a capital value of £87 per square foot at the industrial park, which is home to businesses including CWB Wholesale Ltd and Tensile Installations, among other local businesses.

In total, there are 23 units on the site, from smaller 1,000 square foot properties, all the way up to 25,000 square foot units.

At this time, the industrial estate is 97 per cent occupied, with the one remaining vacant unit on the market, with the vendor currently providing a six-month guarantee to interested parties.

According to Property Week, who broke the news, the Beacon Business Park generates an annual rent of £506,720.

It is not thought that the sale with have much in the way of impacting the day-to-day operations at the business park.

The acquisition of the Caldicot business park was one of two made by Industrials REIT, as part of an overall £17 million investment into their industrial portfolio.

As part of this, they also invested in three industrial terraces at Belmont Industrial Estate, Durham – comprising of Redlake House, Ottery House and Waldon House.

These were acquired for a combined £9.11 million.

What has been said about the acquisitions?

Will Lutton, head of investment at Industrials REIT, said: “With these acquisitions we have added a new, high-quality (multi-let industrial) estate to our portfolio, as well as consolidating our holding at Belmont Industrial Estate in Durham.

“We have identified several opportunities to grow income and asset value from these estates by leasing the existing vacant space using our Industrials Hive operating platform.”

It comes just weeks after the firm acquired a similar site in Glasgow for £5.3 million.