Monmouthshire County Council broadens commercial property portfolio
Monmouthshire County Council is pleased to announce that it has acquired CastleGate Business Park in Caldicot from Robert Hitchins Ltd. The business park sits on a circa 17 acre site and provides 252,000 square foot of serviced accommodation. It is home to some of the most important commercial interests in the county including Mitel Networks, Microsemi, and a host of SMEs. This acquisition is the latest move in the Council’s thoughtful build out of a commercial portfolio. It supplements recent ventures such as the establishment of a livestock market near Raglan, A Solar Farm in Crick and provision of Grade A office accommodation for commercial let on Wales 1 Business Park in Magor. Castle Gate will yield a return on investment that is consistent with the Council’s expectation, it consolidates a key strategic site at the gateway to South East Wale and it demonstrates through action a commitment to the continued regeneration of Caldicot.
Councillor 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. Being able to share this news so soon after Monmouthshire having been recognised as having the most vibrant economy in Wales is a great opportunity to demonstrate that we will not be resting on our laurels. Monmouthshire County Council has never been afraid to take a commercial approach, to innovate and be creative where it helps us promote the vitality of our county and this is a path that we will continue to follow”
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."
Alder King LLP represented Monmouthshire CC and JLL represented Robert Hitchins Ltd