Monmouthshire County Council has purchased the freehold of the Newport Leisure Park on Spytty Road in Newport for £21m. The 141,000 sq ft property includes a dominant 13-screen Cineworld cinema, xercise4less gym, Home Bargains superstore, Energi Adventure park and a range of restaurants such as McDonalds, Burger King, Pizza Hut and Harvester.
The large 11-acre site includes 705 free car spaces and links through to the Newport Retail Park and the Tesco Extra on the Eastern side of the city. Large amounts of new housing are being developed in the surrounding area which is also close to the potential new route for the planned M4 link road. The Park is in a prime location in South Wales
The park has seen significant new investment in the past three years as well as many new tenants so that it is now fully let.
Alder King acted for Monmouthshire, and KLM and Cooke Arkwright acted for Otium on the transaction.
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 Castle-gate Business and Science Park”
Ashley Blake, CEO 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.”