Developer Robert Hitchins Ltd has sold Castlegate Business Park in Caldicot to Monmouthshire County Council for an undisclosed sum.
The business park sits on a 17-acre landscaped site on the eastern edge of Caldicot and provides 220,000 sq ft of premium business space.
The deal is the latest move in the council’s creation of a commercial portfolio. The council says it consolidates a key strategic site at the gateway to South East Wales and demonstrates a commitment to the continued regeneration of Caldicot.
Cllr Bob Greenland, Cabinet Member for Enterprise, said: “I am delighted that we have been able to complete this deal. The acquisition helps take forward a number of our strategic goals and is a clear demonstration to investors nationally and internationally that Monmouthshire is a great place to do business.
“Monmouthshire has never been afraid to take a commercial approach, to innovate and be creative where it helps us to promote the vitality of our county.”
Simon Tothill, Property and Development Director of Robert Hitchins Ltd, added: “Having implemented a successful asset management strategy over a number of years, Castlegate Business Park is close to full occupation and plays an important role in the local economy.
“The sale to Monmouthshire County Council made sense and the council is well positioned to benefit from an attractive rental stream whilst investing in its own region.
“This sale fits with Robert Hitchins’ ongoing investment strategy with money released from this sale allowing us to reinvest in existing assets and new developments throughout South Wales.”
Strategically positioned between the first and second Severn crossings and close to the M4 and M48, Castlegate is within easy reach of Newport, Bristol and Cardiff.
The park provides a range of office, data centre, production and warehouse accommodation. It has air conditioning, conference and lelcture theatre facilities, a restaurant and 24-hour on-site security.
Tenants include Mitel, Microsemi, Vanderbilt International and Evoqua Watertec.
Alder King LLP represented Monmouthshire County Council. JLL represented Robert Hitchins Ltd.
Robert Hitchins, based in Gloucestershire, is one of the leading property developers and investors in the South West and South Wales. It provides the full development process from site acquisition and planning through to development and investment.
