THE building which houses Newport's passport office has changed hands, in a multi-million pound deal.

It has been confirmed that Nexus House, on Usk Way in the city centre, has been sold to Equitix Investment Management Limited.

While the name Nexus House may not ring any bells for many, the distinctive look of the building, and its tenant, will certainly stand out.

This is one of the main buildings of the HM Passport Office - the only one of its kind in Wales.

It is a go-to location for anyone looking to get a passport for the first time, and for anti-fraud measures surrounding the vital documentation for overseas travel.

The passport office has been located in Nexus House for nearly 10 years, having moved out of its city centre home in Olympia House in 2013.

But, for anyone fearing the news of the sale, there is a positive – as it is unlikely to impact on the day-to-day passport operations.

It has been confirmed that the government is simply tenants inside the office building, and one real estate investment firm, Legal & General Investment Management (LGIM),  has sold it to another - to Equitix Investment Management Limited.

This means little, if anything, will change.

South Wales Argus: The former passport office in Olympia HouseThe former passport office in Olympia House

Along with the Newport building, the Ellipse building on Langdon Road, Swansea, also changed hands.

This is perhaps best known as the office base of the DVLA in Swansea.

All told, the value of the sale stands at £29 million, with 92,000 square feet of Grade A office space changing hands.

What has been said about the sale?

Chartered surveyors Cooke & Arkwright acted on behalf of the buyers during the transaction, and they have revealed that it comes during a busy period for Equitix.

Since the first quarter of 2018, the total funds that they have invested exceeds £100m.

This includes other property acquisitions such as the Pearson Building, Nottingham in April 2021; King’s Court, Sheffield in April 2019; and Crickhowell House, Cardiff in January 2019. 

Graham Davies, investment director at Cooke & Arkwright said, “Each of the properties are let to a UK government-backed counterparty and demonstrating how we have identified a pipeline of high-quality properties with appropriate lease structures across which meet the specific requirements of funds managed by Equitix.

“We are currently in the process of sourcing further opportunities located across the UK on behalf of Equitix, showing the strength of the relationship that has developed over the last four years since we first successfully advised Equitix on an acquisition within this sector.”

Gareth Lloyd at Knight Frank, who represented the selling party, said, “Having advised on the original acquisition of these two assets for LGIM back in 2010 we were delighted to be able to act for them again on the disposal and execute a successful disposal.”