The commercial property sector in Newport has been given a boost by one of the biggest industrial deals in the city this year, according to Wales Online.
Advised by Hutchings & Thomas, Collingbourne Properties has acquired a 90,175 sq ft industrial unit premises from Inductotherm Group Europe in a deal brokered with Cooke & Arkwright.
The property in Church Street, formerly Newelco and latterly I.H.W.T. was closed earlier this year as Inductotherm Group moved production and repairs of induction heating machines to other sites in the UK. During the second world war a previous incarnation of the company made guns for the navy in a legacy that stretches back generations.
The building is situated in a prominent location on Usk Way with high visibility and excellent access from the M4.
Jonathan Collingbourne of Collingbourne Properties told the media wales:
“The purchase of this site is an important acquisition for us as it is adjacent to other sites within our ownership in this area. It also offers excellent potential for lets and office space given its size and location, and we are currently in the process of dividing this large area into a number of smaller, more versatile units. We have already secured four new tenancies during our short period of ownership and haven’t even advertised the letting space available yet.”
Robert Carew-Chaston of Hutchings & Thomas said:
“The proximity of the premises to the River Usk and its location within the scope of Newport Unlimited’s 2020 Master Plan makes this a strategic addition to our client’s portfolio. While the current climate hasn’t helped in the shorter term, there is no doubt that this is an up-and-coming area of the city which will offer a host of opportunities for redevelopment in the medium to longer term. In the interim period we will be letting the property on behalf of our client.”
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