ADDRESSImperial Courtyard, Imperial Park, Newport, , Newport, NP10 8UL
TYPEOther, Other Property Types & Opportunities
TENUREInvestment Opportunity, Under Offer
POSTED ON27th January 2020
Fully-let, Modern Business Park Investment. - Imperial Courtyard provides a range of high quality office and research/development units in a well maintained, attractively landscaped and secure environment. The buildings form part of a modern courtyard development of six buildings ranging from single to two storey and from 2,300 sq ft up to 8,500 sq ft.
The floor plates provide high quality, open plan, flexible office accommodation which are constructed in a manner to enable easy sub-division.
• Freehold, modern offices located in Newport, one of the largest cities in Wales. • Strategically located with immediate access to Junction 28 of the M4 Motorway, on the well established Imperial Park. • Highly specified offices set in an exceptionally well maintained courtyard setting with generous car parking provision. • Current rent of £339,399 per annum. This equates to a low £12.78 per sq ft on the office element with a genuine opportunity for rental growth with the most recent letting secured at £14.06 per sq ft. • Recent letting to Phixos crystalises the rental growth of the location with further rental growth achievable as other out of town offices in Newport have reached £15 per sq ft + and historically up to £17 per sq ft +. • The scrapping of the Severn Bridge toll is also expected to promote significant rental growth as is the longer-term M4 relief road with a new junction earmarked to the immediate south of Imperial Park. • Fully-let with 3.88 years to expiries and 2.25 to breaks. • High yielding with asset management opportunities to re-gear and extend existing leases. • Quoting capital value per sq of £134 is below the capital value historically achieved for sales to occupiers nearby.
Imperial Courtyard, Imperial Park, Newport, , Newport, NP10 8ULGBNewport, NewportMonmouthshireNP10 8ULImperial Park