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Major South Wales complex sold

wantspacegotspace.co.uk - Reevesland Industrial Estate, Newport - Major South Wales complex soldIn what is one of the largest South Wales industrial deals completed this year, Knight Frank and Parry’s Commercial have sold a major industrial complex known as the New Venture Buildings on the Reevesland Industrial Estate, Newport. The purchaser is an undisclosed client of Burnett Davies.

The industrial facility measuring around 230,000 sq ft on 9 acres has been sub divided to provide 4 self-contained units. About 50% of the space is let and the balance some 115,000 sq ft is vacant and under offer.

Neil Francis, associate at Knight Frank, comments; “After a number of frustrating years where we came close to securing tenants for the vacant space it was our clients decision to offer for sale that finally secured some genuine interest.”

Alex Riddell at Parry’s Commercial adds, “This sale shows that, if priced correctly, there are still investors within the market prepared to purchase larger industrial stock – especially in locations close to the M4 motorway”.

Richard Powell Tuck of Burnett Davies, who acted for the purchaser comments, “My clients are always looking for opportunities to grow their portfolio within the area. The complex is substantially refurbished and partially let, and we see this as an opportunity to secure well located industrial assets as a realistic price.”

Posted by The Editor (wantspacegotspace) on 30th October 2012

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