Investment company Newport Holdings has exchanged contracts to buy the former ABC Cinema site in Newport, South Wales for over £3m.
Situated in the town centre, Newport’s plans for the site include a new multiplex cinema, a health club and various A2-A3 retail units. The project, comprising 3,716 m sq (40,000 sq.ft), is almost fully let and will provide an annual rental income of £335,000 when complete.
Newport will pay £3.325m in a combination of shares and cash.
Peter Lewin, chief executive of Newport, said: “We continue to expand our portfolio by acquiring quality city centre leisure and A3 investments. We are delighted to have purchased this important new development, which is virtually fully let”.
EGi News 02/04/01
