Chartwell Land and Grantchester have swapped properties in Cardiff and Norwich.
Chartwell Land has paid Grantchester £15.5m for a 3.6ha (nine-acre) site at Culverhouse Cross, Cardiff, which formerly comprised the Finnegans development site, BMW dealership and a terrace of industrial units.
Chartwell plans to redevelop the site to include a 9,197 sq m (99,000 sq ft) warehouse, which has been prelet to B&Q at a rent of £172 sq m (£16 per sq ft), as well as a garden centre and builders yard totalling around 13,935 sq m (150,000 sq ft), and 500 car parking spaces. B&Q anticipates opening for trading in Easter 2002.
At the same time, Grantchester has bought the freehold of the B&Q warehouse at Boundary Road, Norwich from Chartwell for £18.5m. The 13,935 sq m (150,000 sq ft) store opened in 1998 and is subject to a 25-year lease at an initial rent of £3,364 per sq m (£312.50 per sq ft), rising to £172.23 per sq m (£16 per sq ft) at the first review.
FPDSavills represented B&Q and Chartwell Land in both deals.
EGi News 16/07/01
