Dolphin House is let to NatWest Bank on a lease expiring in February 2012 at a current rent of £460,000 ($722,000) per annum, with rent reviews in February 2003 and 2006.
Commenting on the acquisition, Bob Carlton-Porter, Chairman of Newport, said: "We are delighted to have further expanded our portfolio to include property within the Channel Islands, where prospects are positive. The vendor has taken as part consideration, Newport shares at a premium to the current market price.
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