Product category:
Design and Build Services
News Release from: Robert Hitchins
Edited by the Buildingtalk Editorial
Team on 07 September 2005
Robert Hitchins buys Mitel Business Park
Robert Hitchins Limited has confirmed its acquisition of a 17-acre property in Caldicot, Monmouthshire, and plans to transform the site into a mixed-use, multi-let development.
Commercial property developer Robert Hitchins Limited has confirmed its acquisition of a 17-acre property in Caldicot, Monmouthshire, and plans to transform the site into a mixed-use, multi-let development The Park was previously owned by Mitel, a leading global provider of enterprise and small business communications solutions
This article was originally published on Buildingtalk on 13 Jul 2005 at 8.00am (UK)
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"We are looking forward to becoming part of the new Castlegate Business Park.
Mitel has agreed a long term lease back deal with Robert Hitchins and our European headquarters will remain on site and business will operate as usual." said Graham Bevington, Managing Director, Mitel.
An extensive refurbishment programme will commence shortly and the developer has also announced that three other tenants - Breconridge, Zarlink and Newport Networks - have all committed to new leases at the Park.
"Castlegate Business Park will be the premier business location in east Wales, providing high quality commercial accommodation at competitive rental levels, on flexible terms," said David Herbert, development consultant, South Wales for Robert Hitchins.
In total, the Park boasts 25,362 square metres (273,000 square feet) of office, production and storage space.
Office suites and production space will be available from 465 square metres (5,000 square feet) to 2,787 metres (30,000 square feet).
"Interest has already been encouraging, particularly from the telecommunication, IT and public sectors," added David Herbert.
"Strategically, Castlegate Business Park represents an excellent opportunity for Robert Hitchins Limited to improve asset value and add to the company's expanding commercial property portfolio across south Wales which includes Eastern Business Park in Cardiff, Rassau Industrial Estate, Cleppa 4 in Newport and live development projects at Langstone Business Park and Fusion Point in central Cardiff.
"The transaction has involved extensive negotiation of new lease deals with four companies and substantial refurbishment and management contracts.
Our successful working relationship with the Mitel Networks management team was pivotal in securing a significant deal which took eight months to deliver." Redevelopment is scheduled over the next two years and will include replacing the building's roof covering as well as refurbishment of internal areas.
The site includes a large restaurant facility with new facilities also being considered to meet the needs of a diverse workforce, including children's nursery and a fitness suite.
Robert Hitchins Limited will maintain a project office on-site for the duration of the redevelopment with Group Building Surveyor, Richard King, assuming overall responsibility for the refurbishment of the site.
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