Planning permission and new occupier secured for Cardiff retail warehouse site
We are pleased to announce a package of asset management initiatives to inject new life into a 44,520 sq ft former B&Q retail warehouse unit that we own in Cardiff.
Following B&Q’s lease end, we have pursued an alternative strategy for unlocking value by reconfiguring the building which is prominently located fronting Hadfield Road
This strategy will see the building sub-divided into two new units and a series of external alterations made to its facades and signage. The 165 space car park will also be reconfigured and improved.
Planning permission for the improvement works was granted by Cardiff Council on 22 July 2016.
We have subsequently completed a deal with Selco, the building materials business, to occupy 26,340 sq ft on a 15 year term. Subdivision and improvement works are now underway and are expected to complete in November 2016, with Selco due to open in early 2017.
We are in discussions with several potential occupiers for the remaining 18,180 sq ft of the building and details on a deal are expected to be confirmed shortly.
Paul Jagroop, Director at Ashfield Land, said: “Delivering effective asset management in changing market conditions is vital and requires know-how and experience. B&Q’s closure has created new opportunities for other occupiers and we’re undertaking focused building and site improvement work to benefit Selco and a second occupier we hope to confirm shortly. This is about using the breadth of our property asset management skills to sustain and create value and we’re delighted to be breathing new life back into the site.”
We believe in active asset management of our assets to identify opportunities for improvement and we work closely with occupiers to drive value across our portfolio.
Richard Ryan of Fletcher Morgan advised us on the deal with Selco and is now marketing the remaining 18,180 sq ft of space. Please contact Richard on 029 20 221 771 or firstname.lastname@example.org for further information.