Scottish Widows Investment Partnership (SWIP) has sold a 77,000 sq ft unit at its new retail scheme in Queen Street, Cardiff, to Primark for £22m.
The balance of the 43/49 Queen Street scheme comprises ground, first floor and second floors totalling 5,300 sq ft.
Peter Ratcliff of development consultant and letting agent Blair Kirkman said, “We are in negotiations with a number of retailers at present.
“The retail market in Cardiff is strong and there is a high level of demand for quality retail space.
“As a result prime retail rents in Cardiff are moving towards £300 per sq ft Zone A.”
Primark currently trades from a unit in The Hayes, Cardiff, which is scheduled to be pulled down in the new year when work starts on Land Securities’ and Capital Shopping Centres’ new 967,000 sq ft St David’s 2 retail-led scheme.
Blair Kirkman and Joiner Cummings acted for SWIP in the Primark transaction. Hartnell Taylor Cook acted for the retailer.
References: EGi News 04/08/05
