A Shell motorway service station in South Wales has been sold to Sir Robert McAlpine Enterprises, advised by Savills, for £4m.
The petrol station, acquired in an off market transaction from a private vendor, is let to Shell on a 25-year lease. It is on South Wales Premier Business Park, Cardiff Gate, and was described by local newspapers as one of the busiest petrol stations in South Wales, due to its location just off the M4 at junction 30.
The value of the rental agreement has not been disclosed, but is understood to be in excess of £250,000 a year.
Sir Robert McAlpine Enterprises acquired full ownership of the business park in 2013. Major occupiers on the park include Waitrose, Starbucks, Lloyds Bank, Royal College of Nursing and the International Baccalaureate Organisation.
Ross Griffin, investment director at Savills Cardiff, commented: “We are pleased to have advised Sir Robert McAlpine Enterprises on its purchase of the Shell petrol station in Cardiff.
“The property is in a fantastic location at a prominent motorway service station and helps create further critical mass for the firm on the park, reinforcing its commitment to the area. Petrol stations, particularly those with a convenience store element, provide a robust revenue all year round.”
Powell Lloyd acted for the vendor.