Property News - Nicholson Estates sells Newport scheme for £8.6m

Nicholson Estates has sold the Westgate Buildings development in Newport city centre, Gwent, to a private client of Park Street Capital for£8.6 million.

The 3,270 sq m redevelopment, which was fully let in September, provides retail and leisure accommodation on three storeys behind a retained 19th Century facade. Tenants include Starbucks, HMV, Phones 4 U, Alliance & Leicester, Lunn Poly, Brook Street and MKOne. The deal reflects a net initial yield of 7 per cent.

Nicholson Estates development executive Jason Schofield said: 'Demand for city centre retail and leisure investment in Newport is high, with plans for regeneration of the city sparking off a great deal of interest in this part of the country.'

Nicholson Estates was advised by Kitchen LaFrenais Morgan.