International real estate advisor Savills, on behalf of Pears Property, has sold The Levels, Capital Business Park, Phase 2, Cardiff to Longmead Capital in a deal reflecting a net initial yield of 7.34%.

Built in 2006, The Levels is Cardiff’s most successful industrial park and comprises 119,306 sq ft (11,083 sq m) across 26 units in a site area of approximately 7.18 acres (2.904 hectares). The scheme generates an annual rental income of £369,632 per annum with current tenants including national occupiers such Fed Ex, National Grid and Panalux Ltd.

Ross Griffin, investment director at Savills Cardiff, comments: “Having originally purchased The Levels in 2014 from AXA Insurance, our client has successfully asset managed the scheme to create the best multi-let industrial park in Cardiff. This was reflected in the strong yield, which is the sharpest multi let industrial yield seen in Cardiff for almost a decade.”

Longmead Capital was advised by JLL.