The first phase of ambitious plans to transform the landmark Howells building in the centre of Cardiff, including a roof terrace, have been revealed.
Real estate investment, development and asset management company Thackeray Group acquired the listed building, which extends to more than 270,000 sq ft on a 1.7 acre site, out of property administration last January.
The first phase of its £100m mixed-use redevelopment plans for the listed building - in a section which was added to the original building in the 1930s - has seen nearly 27,000 sq ft brought to market. The space has been relinquished by retailer House of Fraser which continues to trade from the rest of the building as a tenant.
The scheme known as the Percy - in a nod to building’s architect Sir Percy Thomas - is being marketed by property advisory firms EJ Hale and CBRE.
Thackeray has also confirmed that the space, subject to planning approval from Cardiff Council, will be enhanced with its own roof terrace. There is already strong interest in the Percy, which depending on the letting deal struck, could be occupied for a variety of uses including office, retail and food and beverage use. Whoever occupies the space will have use of the roof terrace.
Thackeray said the scheme’s first tenant will serve as an anchor for the entire redevelopment scheme - for which a masterplan is expected to be revealed by the spring. This could see a range of investments including new bars, restaurants, retail, apartments and even a hotel incorporated into the building.
House of Fraser, which operates on a flexible lease, could vacate its remaining space to pave the way for future development phases. However, there is potential that it could remain, but occupying far less space than currently.
Frasers Group have been asked to comment on whether it plans to remain in the Howells building or relocate.
The retailer is one of the high end retail brands within Frasers Group, from which Mike Ashley recently stood down as chairman while maintaining a controlling interest.
Last year Frasers acquired a vacant building on Queen Street in the centre of Cardiff, previously leased to Top Shop, Zara and River Island.
The building, which extends to 90,000 sq ft, will be the location for a new super store for the group’s fashion and beauty retailer Flannels , which is expected to open later this year. The retailer currently has a smaller retailer presence on Churchill Way in the city centre.
Thackeray has other property interests in the centre of Cardiff, including 3-4 St Mary Street which is occupied by Flight Club. Its total UK property portfolio extends to around 1.5 million sq ft.
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