International logistics company Monex Group has expanded its operations with the purchase of a large industrial complex in Newport.
Monex subsidiary MCL Logistics Limited has acquired a self-contained industrial complex totalling 87,092 sq ft on 4.67 acres for £1.75m.
The property is located on Lake Road, in the heart of Leeway Industrial Estate, in the Spytty area of Newport.
James Howells, of Monex, said: "From global blue chip companies to individuals, we have a loyal customer base across the commercial haulage and freight spectrum. By acquiring this property, which we have occupied on a lease basis in recent years, we have secured a long term base on the M4 corridor."
Monex was advised by RDP Law of Newport while property consultants JLL advised JSW Steel Service Centre (UK) Ltd in the sale of this part freehold and part ground leasehold property.
Chris Sutton, head of JLL's Cardiff office, said: "The industrial property market in south east Wales continues to improve with strong take-up of floorspace over the past 12 months. The announcement that the tolls on the Severn Bridges will be halved in early 2018 has brought renewed interest from logistics operators."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here