CLARENCE HOUSE | NEWPORT
serviced apartment leasing opportunity
Saxbury is delighted to bring to market a newly refurbished serviced apartment building situated in a prime location in Newport, Wales. With stunning views over Newport and the River Usk, Clarence House is a landmark, glass building, composed of 10 floors.
The incoming operator will have the unique opportunity to lease the 9th floor, composed of 14 newly refurbished serviced apartments, with scope to acquire up to three additional floors, totalling 56 units. This will enable the operator to test the market and build a solid clientele before expanding their operation. The building benefits from a ground-floor reception, serving as a key collection point for guests and contract staff, staffed between 7am and 7pm.
Clarence House is conveniently located half a mile from Newport train station, with services to Cardiff (for the Millennium Stadium) and Bristol. The building is also easily accessible via car due to its proximity to the M4 motorway, connecting Newport to Bristol and London. The renowned Celtic Manor Resort (Golf Club) is also only a 10-minute drive.
SUGGESTED LEASE TERM: 10-year IRI
USE CLASS: C1 (Licensed for serviced apartment use)
UNITS: 14 - 56 [One & two-bedroom apartments]
RENT FREQUENCY: Quarterly in advance
SECURITY DEPOSIT:6-weeks’ rent
ANNUAL RENT FOR EACH FLOOR: £100,000
ESTIMATED DAILY RATES:
One-bedroom apartment: £65
Two-bedroom apartment: £100