Cooke & Arkwright and KLM Retail acted for Otium Real Estate in the deal and Alder King acted for Monmouthshire County Council.
Ashley Blake, Chief Executive Officer of Otium Real Estate said, “We have invested heavily into Newport Leisure Park since acquiring it in 2015. Five new tenants have joined the offer, the park has been refurbished and existing tenants have enhanced their fit-outs. We are delighted that Monmouthshire County Council has had the foresight to acquire this asset and that the South Wales area will continue to benefit from this long-term, secure investment following our work to regenerate the park. We have enjoyed the experience of working with Monmouthshire County Council and wish them well for the future.”
Paul Matthews, CEO of Monmouthshire County Council, said: “We are pleased to have secured a well-let, long income asset that will provide an excellent annual return for the Council and help us to sustain our wider service delivery portfolio in the years ahead. Newport Leisure Park serves a large catchment area in South Wales and taps into the long-term demand for experiential consumer spend and leisure activities. It is the latest addition to our commercial investment portfolio following our recent acquisition of Castlegate Business and Science Park.”
Huw Thomas of Cooke & Arkwright added, “We were delighted to be involved with Otium Real Estate in the sale of Newport Leisure Park to Monmouthshire County Council, which given the tenant profile and income stream, will prove to be an excellent investment purchase for the Authority”.