Otium sells Newport Leisure Park to neighbouring council
Monmouthshire County Council has acquired Newport leisure park, in the neighbouring local authority area of Newport, from Otium Real Estate for £21m. The park, which is fully let, generates an annual rental income of £1.4m and the purchase has been financed in full by the UK Government’s Public Works Loan Board.
Tenants on the 141,000-sq ft leisure park include a 13- screen Cineworld complex and an Exercise4less gym, a Home Bargains superstore and a Energi Adventure Park, as well as restaurant units for Burger King, Pizza Hut, McDonald’s and Harvester. The 11-acre park also includes 705 free car spaces.
Chief executive of Monmouthshire Council, Paul Matthews, 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.
Alder King acted for Monmouthshire, and KLM and Cooke Arkwright acted for Otium.