Council buys ‘70s offices fromWelsh Government
One of the biggest office schemes in Powys is under new ownership. Ladywell House, which extends to 45,000 sq ft in the centre of Newtown, has been acquired by Powys County Council from the Welsh Government.
The value of the deal has not been disclosed.
Stuart Hogg, of Stuart Hogg Property Consultants, acted for the Welsh Government on the deal.
The four storey-building is currently around half-let, with the Welsh Government occupying around 15,000 sq ft.
The Welsh Government will remain in the building, which once served as the head office for the Development Board for Rural Wales before it was merged into the now defunct WDA.
The council now intends to refurbish the building over the next two years, as well as relocate some of its existing functions into it.
The building will also be marketed to attract new tenants.
Paul Griffiths, the council’s strategic director for place, said: “Ladywell House is a valuable office asset for a number of key employers in the area, including several Welsh Government services.
“We hope to build on the existing relationships to ensure all current tenants remain in the building for the long term.
“We want to reassure current tenants that their occupation of the building will continue under the management of the council.”
Stuart Hogg said: “Ladywell House is a prominent building in the town centre and, with the council’s plans for upgrade and improvement, will ensure that it is well-placed to attract future tenants.
“Parts of the building have already been upgraded and demonstrates how older buildings can have new life breathed into them to cater for modern office requirements.
“We were pleased to secure this important, strategic transaction.”
The building was constructed in the 1970s and currently generates a rental income of just over £232,000 a year.
Other tenants include the Big Lottery Fund, Montgomery Community Health Council and B3 Burgess Architects.