Greenalls Group has bought a redundant office building at Jctn 32 of the M4 in south Wales for refurbishment as a hotel. Chris Webber, of vendor BT Group Property, said the value of the sale was in excess of £1.5m
The 3,716 sq m (40,000 sq ft) unit stands on a 2.22ha (5.5 acre) site which forms part of BT’s Coryton complex north of Cardiff, South Wales. Greenalls has obtained planning and licensing agreements for change of use to a 96-bedroom Village Leisure Hotel.
Rhys James of DTZ Debenham Thorpe, which advised BT Group Property, said the original instruction was to identify a potential tenant for the surplus 3,716sq m (40,000sq ft) office building. BT will retain a 6,503sq m (70,000sq ft) office building on the 3.6ha (9 acre) Coryton site.
Webber said that BT had reduced its property portfolio in Wales by 11,148 sq m (120,000sq ft) over the last 12 months. Further buildings and sites will become available later this year, he added.
EGi News 17/07/96
