One of Wales’ most successful business parks has confirmed a major expansion with a new phase that will deliver 338,000 sq ft of modern industrial and logistics space.
Indurent Park Newport, which forms parts of the wider 600-acre Glan Llyn regeneration scheme at the former Llanwern steelworks site, said construction of its next phase will begin in January and be completed by the end of 2026.
The latest phase will deliver five units ranging from 44,000 sq ft to 115,000 sq ft. A final phase, which will deliver around 301,000 sq ft, is expected to be competed at the end of 2028.
Over the last decade some 550,000 sq ft has been developed across 10 units, through a mix of speculative and ‘build-to-suit’ schemes. The success of the park, which is currently fully let, has been driven by strong demand against the backdrop of what Indurent said is a chronic lack of modern and high quality industrial and logistics space. Current tenants include Microsoft, Amazon, Aerfin, Oprema and Solus.
Aviation and asset specialist Aerfin relocated its headquarters to the park earlier this year from Caerphilly, The £170m turnover business, which buys, sells, leases and repairs aircraft, engines and parts, entered into a 10 year lease for 116,000 sq ft of office and industrial space
Carys Allen, development director at Indurent, said: “Indurent Park Newport has already delivered a significant transformation, breathing new life into a historic site and creating a thriving business community. The strong take-up across the park reflects both the quality of the scheme and the confidence major occupiers have in Newport as a strategic industrial and logistics location.
“As we move into the next phase of development, our priority is to deliver an additional 640,000 sq ft of high-quality, sustainable space. This next stage is designed to attract international businesses and further strengthen Newport’s role as a key industrial and logistics hub for South Wales and the wider Ƶ, supporting job creation and driving long-term economic growth across the region.”
Indurent said that rental levels at its Newport park have achieved consistent growth, with 2024 marking a particularly strong year with it increasing on each new letting. Headline rents are now expected to move into double digits, which Indurent said is a clear reflection of the park’s maturity and sustained occupier demand.
Its last letting for a 'big box,' defined as being 100,000 sq ft and above, achieve a rent of £9 per sq ft. At the time it was higher than any equivalent industrial space in Bristol and the wider south west.
Indurent was formed in 2024 by Blackstone through the merger of St Modwen Logistics and Industrials REIT.
Its Ƶ portfolio provides more than 30 million sq ft, with the further development pipeline of 30 million sq ft. Its space is home to around 2,000 firms, ranging from SMEs to multinationals.
