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Conwy castle pictured with a bridge in foreground.

Conwy serviced office park with castle views sold in £2.1m deal.

12 Sep 2024 | 2 min

An entrepreneurial couple has bought one of Conwy’s leading business parks after securing a commercial mortgage from specialist property lender Together.

Property investors Owen and Rebecca Smith have taken over the popular Riverside Business Park in Benarth Road, which sits next to the river estuary with views across to 700-year-old Conwy Castle.

There are currently 58 offices at the park across five serviced office buildings – with planning permission submitted to build six more in a steel-framed storage area on the 1.7-acre site – and more than 70 parking spaces.

Mr and Mrs Smith, who live near Conwy, purchased the office complex after securing a £1.2million commercial mortgage from Manchester-based lender Together.

He said: “I used to be a tenant at the business park and jumped at the chance to buy the site as a long-term investment when I heard the previous owner was looking to sell.

“The complex is sat on the river and looks straight over to the castle, so the view is pretty much unmatched for any office space in the area. It’s quite unusual to have the castle there and sheep grazing in the fields behind the offices.

“Its location near to Conwy and just a few minutes to the A55 dual carriageway, means that there is considerable demand for space there. The offices are almost fully occupied and there is huge scope for improvements, which we have already started.”

Plans to install new kitchens in the offices, as well as staff break-out areas were already at an advanced stage when purchasing the site, said Mr Smith, with redesigned internal layouts and furniture in decorated communal areas and external landscaping.

He and his wife Rebecca have a track record of property investment, having bought a smaller commercial office in Llandudno as well as two successful holiday lets in the area.

When it came to securing funding for the Riverside Business Park, the couple were introduced to Together, the UK’s largest specialist property finance company - which has a £7billion loan book - by Merryoaks Property Finance.

Michael Devanny, Corporate Relationship Director at Together, said: “There were quite a few hurdles to overcome to get the purchase over the line but working in partnership with the clients, their solicitors and Merryoaks meant we were able to meet Owen and Rebecca’s ambitions to buy Riverside Business Park.

“The site’s location means that it’s in demand with local businesses wanting to access serviced office accommodation. We were really impressed with Mr and Mrs Smith’s entrepreneurial vision to improve the facilities and create an even more desirable place for Conwy’s business community.”

George Melling, of Merryoaks, said: “Mr and Mrs Smith have a background in successfully investing in property, having bought and run holiday lets and another office complex. When they approached us to find the finance they needed to buy Riverside, we knew that Together has a strong appetite to deliver corporate financing with a strong commitment to customer service. We worked well with them as a lender, allowing our clients to achieve a great outcome in expanding their property portfolio.”

Ed Nutting, of solicitors Lanyon Bowdler, which acted for the seller of the business park, has been a tenant for the past six years.

He said: “Riverside is a great place in a great location, within walking distance of the town centre but also with parking spaces and fantastic views. The location attracts a good group of tenants who all know and work with each other creating a fantastic facility for the local business community.”

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