A 72,000sq ft unit at Newhouse Distribution Centre, Chepstow, has been acquired by a logistics company.

TG Commercial secured the acquisition of the leasehold interest on the unit, acting on behalf of Uniserve / Zenith Logistics.

Comprising a total of 72,476 sq ft of modern warehousing, the unit also included a substantial secure yard, gatehouse and approximately 3,000 sq ft of office accommodation.

The tenant has taken a new 10-year lease with break options at an undisclosed rent.

The outgoing tenant (Osborn Group) was represented by Hirons, Morgan and Yapp, the landlord (Ropetune Ltd) by Cushman and Wakefield and the ingoing tenant (Uniserve) by T G Commercial.

Rob Ladd, director at Cushman and Wakefield said: "Our client was able to offer a high quality distribution unit in a strong logistics location, situated close to the M4/M48/M5 axis.

"Against a backdrop of very limited supply of comparable good quality stock, our client recognised the opportunity to secure a market rent sooner (with Osborn’s impending lease expiry) and Cushman & Wakefield were able to instigate the simultaneous early surrender and new lease commencement to Uniserve.”

Tom Gibbons, of TG Commercial, said: “The acquisition for Uniserve was very location sensitive, given the specific nature of the business. Fortunately we knew this facility was coming available and we managed to secure an early surrender of the existing lease to facilitate our client’s requirements. We have also agreed a short term leaseback of surplus office space to the outgoing tenant.”