Queens Arcade up for sale
Posted: Tue Oct 18, 2016 5:07 pmhttp://www.walesonline.co.uk/business/business-news/shopping-arcade-centre-cardiff-up-12042429
A shopping arcade in the centre of Cardiff is up for sale for £33 million
The Queens Arcade, in the centre of Cardiff, has been brought to market by its owner Addington Capital.
The real estate management firm acquired the arcade, which extends to 150,000 sq ft - and whose tenants includes Argos, New Look Rymans and 2Seasons - in March 2011.
It attracts around 10 million shoppers a year.
The scheme, on two levels, has 38 retail units and three kiosks. There is only one unit currently unlet, but is under offer.
The arcade, which has traded somewhat in the shadow of the adjoining and larger St David's Shopping Centre in recent years, has been attractively price - which factors in the need for investment to revamp its look and feel.
Queens Arcade was originally developed in the mid 1990s. Its last major refurbishment was between 2006 and 2008.
The arcade is located on a two acre site.
The investment is being marketed by Time Retail Partners on behalf of Addington, which acquired it as part of a joint venture acquisition of the wider Sapphire portfolio.
Bruce Nutman of Time Retail Partners, said: "There remain numerous active asset management initiatives for the future owners of this scheme.
"There is a real lack of quality stock in the investment market at the present time and the centre's location in central Cardiff will add to its attraction.
"The scheme has an annual shopper footfall of 10 million people and the city is a thriving UK capital with a balanced retail offer. We welcome all potential interest."
The Post Office and Halifax Bank also have a presence in the arcade, while Toys R US recently took space.
The scheme generates gross rental income of £3.4m per annual.
The sales process is expected to generate strong interest from property investment firms.