property
Concentrating interest...
David Jones, surveyor with Hutchings & Thomas Chartered Surveyors, Newport, looks at why the city is a good bet for anyone looking for office space...
T
he sale, in one of the biggest deals of its type in recent years, of iconic Clarence House in the heart of Newport brought into sharp focus
the interest there is in office space in the city. Clarence House stands as a glittering
beacon in the centre of the city on the banks of the River Usk with a bird’s eye view of one of the most historic sports grounds in the land – Rodney Parade. The rugby ground, which over the years
has witnessed some monumental feats of sporting prowess, was granted a welcome boost recently with the signing of 10-year lease on the ground by Newport County AFC. This has concentrated even more attention
40 THEbusiness QUARTER
of the city’s premier sports ground with people from far and wide converging on Rodney Parade intent on seeing high class action with the round, as well as the oval, ball. In recent weeks and months as Hutchings
& Thomas has been marketing Clarence House, the multi-occupied office block has proved a magnet for investors from all over the world who have come to the city to take a butcher’s. And I’m not exaggerating when I say
there was worldwide interest in Clarence House with some jetting into Cardiff or Bristol airports and making the short hop to Newport to see what lay in store in the building.
They were impressed with the quality
of the offices, and, this may seem odd to Newportonians, they were also impressed with the city in which the building is and its environs. The history of the centre, the castle, the
river, nearby Caerleon, the Celtic Manor Resort, the Transporter Bridge, the docks, the Wave – you name it, they were commented on favourably by the many visitors we entertained in the city. Eventually the building was sold at auction
in London by Allsopps for just under £4m reflecting a Gross Initial Yield of 19.43 per cent and the new owners are understood to have some very exciting plans to ensure they
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