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Iconic Newport city centre office building is bought for £4m

wantspacegotspace.co.uk - Iconic Newport city centre office building is bought for £4mNewports iconic Clarence House is in new hands after the eleven storey office block was bought at auction in London for just under £4m.

The tower block at Clarence Place, Newport, opposite the city’s historic art college building and overlooking Rodney Parade, has been bought by a London based property investment firm.

The building was sold at auction in London by Allsops for just under £4m reflecting a Gross Initial Yield of 19.43 %.

David Jones, of Hutchings & Thomas Chartered Surveyors who are based in the building and were joint auctioneers for the sale, said: “There was keen interest from both home and abroad in acquiring the building before it went to auction, which is very encouraging for the city of Newport.

“The new owners, plan to make improvements both internally and externally to the building to boost its overall appeal to existing and prospective occupiers.”

Large screen plasma TV’s are to be installed in common areas on each of the floors, the adjoining multi storey car park space is to be improved and a gym for the use of occupiers is being installed on the first floor.

One of the first steps taken by the new owners is to reduce the rent afforded to new occupants of the 100,000 sq ft block of a market leading £5 psf for an introductory period of twelve   months.

David said: “This market leading rent is aimed at attracting start ups and those looking to take their business to the next stage, to consider locating to Clarence House. We believe this very competitive rent could prove most attractive to businesses and individuals who may currently be looking at quality office space in Cardiff or Bristol.

David Barnes, Chairman of The City of Newport Business Club, said: "The fact that there was widespread interest from investors both from within the UK and also from mainland Europe, in acquiring in Clarence House, demonstrates the growing attraction that there is for Newport as a centre where people are confident that they will make a success in business.

"Clarence House remains an iconic beacon for business success on the River Usk in Newport. It's very welcome that the new owners have recognised the importance it has in the city and are now planning to invest in the building."

Posted by The Editor (wantspacegotspace) on 22nd April 2013 (updated 26/04/2013)

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