Left to right, Mark Sutton and Matt Phillips of Knight Frank, with Rombourne chief executive Damian Stokes at Guinevere House, Newport
The abolition of bridge tolls on the M4 motorway across the River Severn will open up Newport as the gateway to the region’s office market.
At least that’s according to one of South Wales’ commercial property consultants who has years of experience in the office market.
Mark Sutton, partner of the Cardiff office of Knight Frank, believes the move to end bridge charges at the end of 2018 will mark a significant boost for the office market in the area.
“For the first time Newport will be able to look both ways to attract business, and Newport is well placed for many companies looking for headquarters buildings to serve South Wales and the South West,” he said.
“With office rents much lower than in the Bristol area, Newport can offer occupiers significant occupational savings and a location that can serve customers and attract quality staff from either side of the Severn.”
He cites Guinevere House on Langstone Business Park as a good example as Knight Frank was recently appointed to market the three-storey 27,533 sq ft headquarters office building.
Mark said of the sale: “This is a Grade A headquarters office situated on the M4 at Junction 24, which is one of the best-specified office buildings of its type in the area.
“Newport rents for buildings like this are at around the £14 per sq ft level, but if it was on the motorway at the edge of Bristol it would command rents more than 50% higher.”
Guinevere House is owned by property firm Rombourne, whose chief executive Damian Stokes said: “The fact that bridge tolls were cut for the first time ever earlier this year was a welcome first step in reducing barriers for trading between the South West and South Wales.
“We are already beginning to receive interest from a range of potential occupiers – some of which had never previously considered the Newport area as a potential location.”
Cardiff-based Rombourne is a national property company which owns a mix of commercial property including offices, industrial estates and serviced offices.
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