CLARENCE HOUSE | NEWPORT
serviced apartment lease
Saxbury was delighted to secure a 10-year IRI lease for two floors of a refurbished office building in central Newport.
Clarence House is a landmark, glass building with stunning views over Newport and the River Usk. It is composed of 10 floors and the incoming operator had the opportunity to lease 28 newly refurbished serviced apartments, with scope to acquire up to two additional floors, totalling 56 units. Our client was seeking a suitable and recognised serviced apartment operator to run the apartments but was worried about Newport being an unrecognised destination for operators.
Newport already has a surprising amount of interest from worldwide travellers. One of the main reasons for this is the upcoming opening of the International Convention Centre (opening in July 2019) which will generate a demand for 100,000 beds nights per annum which Newport is currently unable to accommodate. Quay Apartments seized the opportunity and it wasn’t long before contracts were being signed.
After only two weeks of viewings, we secured a 10-year IRI lease with Quay Apartments, a reputable serviced apartment and apart-hotel operator with properties in Salford, Manchester and Leeds. Quay Apartments was established in 2009 by two friends who saw an opportunity in Salford Quays, a small town on the outskirts of Manchester. Salford Quays lacked serviced accommodation, and with news that Media City were planning to move there, it was the ideal time to open Salford’s first serviced accommodation property.
Quay Apartments will be the first official serviced apartment operator in Newport. They will offer a unique and innovative concept comprising fully integrated serviced accommodation, a contemporary design, modern functionality and all the comforts of a home.
The Saxbury team really enjoyed being a part of this process and are always on the look out for new opportunities to expand the serviced apartment and apart-hotel sector throughout the UK. If you are thinking of re-purposing your under-performing asset, contact us for a free appraisal.
AGREED LEASE TERM: 10-year IRI
USE CLASS: C1 (Licensed for serviced apartment use)
UNITS: 23 [One & two-bedroom apartments]