Addington to Sell Queen’s Arcade Shopping Centre In Cardiff
Addington, the asset management and investment company, has appointed Time Retail Partners to bring its Queen’s Arcade Shopping Centre in Cardiff to market for sale. The vendors are seeking a yield of around 8%.
Addington acquired the circa 150,000 sq ft shopping centre in March 2011 as part of its joint venture acquisition of the Sapphire Portfolio. The centre has a good mix of retailers including New Look, Argos, Animal, Skechers, Rymans, Entertainer and 2Seasons in addition to the city’s Post Office and main Halifax Bank. Toys R Us has also recently taken space in the scheme.
Queen’s Arcade was originally developed in the mid 1990’s and was refurbished between 2006 and 2008. It is positioned in the city centre of Cardiff and links into Queen Street, Working Street and the St David’s Centre.
Bruce Nutman of Time Retail Partners commented, ” 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. “
