Wilson Bowden has sold the final phase of Cardiff Bay Retail Park to Schroder Exempt Property Unit Trust for £11.7m at a 7% yield. Shroders now owns the whole park.
The 5,574 sq m (60,000 sq ft) phase is let at rents of between £13 and £13.50 per sq ft for the retail units, with the restaurant let at £20 per sq ft.
Tenants Rosebys, Bedybuys, Staples, Tiles R Us, Kingsway Furnishings and Pizza Hut are already trading, while the last unit has been let to Holiday Hypermarket and will open shortly.
Simon Russion, development director at Wilson Bowden, said: “We are delighted to have completed the sale of the final part of this development to Schroder. The Ferry Road scheme has been one of the truest examples of urban regeneration, where we have transformed an area of dereliction and decay into one of the Welsh capital’s most successful retailing areas.”
He added: “This is our first major retail scheme in Wales and we are actively pursuing other opportunities to invest further in this part of the United Kingdon.”
EGi News 08/02/99
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