Robert Hitchins Ltd has sold its 24 Severn office complex at Langstone Business Park in Newport for £2.45 million to the Grammont Group.
It intends to reinvest in the South West and South Wales property markets.
The Langstone Business Park, close to junction 24 of the M4, east of Newport, is one of the most prestigious office addresses along the M4 corridor.
24 Severn consists of two multi-let buildings which were offered freehold with high-quality occupancy and excellent on-site facilities.
Built in 2006, they form part of a modern courtyard development of five buildings in the Langstone Business Park environment. Both two-storey buildings offer Grade A office accommodation of 7,020 sq ft and 11,735 sq ft respectively.
The high-quality tenants include NFU Mutual, New Bridges Care, Henry Howard Finance, Grenke Leasing, Handelsbanken and pointOne EPoS.
John Jones, Asset and Development Managerfor Robert Hitchins Ltd, said: “We developed 24 Severn at Langstone Business Park and secured a strong line-up of tenants. This sale of our remaining interest was a strategic decision to realise some cash resources and re-invest in the South West and South Wales property markets.”
Gareth Lloyd from RHL’s agent Knight Frank said: “We’re delighted to assist Robert Hitchins with its ongoing development strategy in South Wales.”
Purchaser, the Grammont Group, is a family-run business operating in the industrial and residential sectors across the UK with a history spanning 44 years.
Based in Hertfordshire, it is an active investor in the industrial property market holding a substantial portfolio of industrial rents and commercial ground rents. It also holds a land bank for future residential development opportunities.
Robert Hitchins Ltd, based in Gloucestershire, is one of the leading and most respected property companies in the South West and South Wales with a long history of delivering property solutions to suit occupier requirements. It provides the full development process from site acquisition and planning through to development and investment.