Newydd, a charitable housing association with 2,600 properties across mid and south Wales, has purchased MNG House (5a Village Way) and Ty Cadarn, to provide a combined 10,000 sq ft office building in Greenmeadow Springs. The acquisition completes its strategy to bring staff to one location and prepare for growth with the creation of an additional subsidiary for Cardarn Housing Group, its parent company. Cooke & Arkwright acted on behalf of Newydd in the deal and DTZ acted for the private vendor.
The acquisition of office space comes at an ideal time as Julia Benham will begin managing the new subsidiary on 11 November. Living Quarters Wales, an ethical lettings agency for the private rental market will soon begin its operation, providing a competitive service that is for both property owners and tenants.
MNG House will be refurbished to create large working space for all staff within Cadarn Housing Group. Remodelling of the development and its refurbishment will complete in Spring 2014 to allow staff to move into the premises around the time of the new financial year.
Paul Roberts, Chief Executive of Newydd said, “This is the final piece of the jigsaw for us, allowing all staff to come together into one multi-functional building. With our expansion into the private rental market, this is an exciting time for us. We hope to expand further into this market with job creation at Living Quarters Wales in the near future.”
Ben Bolton of Cooke & Arkwright said, “We have been working with Newydd for some time to develop a property strategy in line with their business needs. After consideration of buildings in alternative locations or new builds, we were able to structure a purchase at Greenmeadow Springs which achieved all criteria. By purchasing the freehold of their existing building and next door, Newydd have been able to avoid dilapidations and outstanding rents whilst minimising more costs.”