Commercial real estate news releases from Avison Young
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Landmark Cardiff building is being brought to market
August 27, 2020Avison Young has been appointed to find a buyer.
Avison Young has been appointed to bring one of Cardiff’s best-known city centre retail properties to market on behalf of the Joint Fixed Charge Receivers, NJ Pask and RJ Goode.
The Receivers were appointed over The Howells Building prior to Christmas and the freehold is now being formally marketed for sale as lockdown restrictions ease.
The distinctive 154 year old, Grade II* listed building in Cardiff’s retail heart extends to 275,000 sq ft on a 1.72 acre site. It housed the former Howells department store before it was rebranded as House of Fraser in 1972.
The site is located within Cardiff’s prime shopping district, within walking distance of The Principality Stadium, Cardiff Castle, Motorpoint Arena and Cardiff Central Station.
Gordon Isgrove, Principal at Avison Young, says,
“This is a landmark building for Cardiff. Grade II* listed, it is in the heart of the city’s prime retail district. Cardiff is currently undergoing a transformation with a raft of inspirational development. This site brings opportunities for a sensitive refurbishment that may include retail, leisure or residential with the appropriate planning consent.
“We started to receive informal interest in the property from developers prior to lockdown. Despite the challenging conditions brought on by Covid-19 we are optimistic a buyer will be found.”
The property is being offered for sale by informal tender. Interested parties should submit offers in writing to Avison Young by 5pm on Thursday 15 October 2020.
The real estate adviser has successfully sold heritage buildings including the Old War Office in Whitehall, and the18th century Royal National Hospital for Rheumatic Diseases in Bath.
House of Fraser, now part of Sports Direct International plc, continues to trade within the building, currently occupying 227,000 sq ft.
