The landmark Howells building in Cardiff city centre has a new owner who plans to transform it into a £100m new mixed-use destination.
The new owners, the Thackeray Group, aim to turn the building into an aparthotel, build-to-rent apartments, restaurants, shops, leisure offerings and office space.
The real estate investment, development and asset management firm, have acquired the 275,000 sq ft Victorian building, which occupies a prime 1.7-acre site, out of receivership. The value of the deal has not been disclosed.
Thackeray, which has a track record of regenerating and repurposing heritage buildings into mixed-use spaces, is aiming to carry out a “net carbon zero regeneration” of the building.
Chief executive Mr Alberti said: “This is an extremely exciting acquisition for Thackeray in a city that we love and further anchors our presence in Cardiff, which we are looking to continue to invest in.
“It is arguably the best collection of buildings in the city and we look forward to delivering a landmark scheme for this capital city.
“Sustainability will be at the heart of our plans, and we are aiming for the regeneration to be net carbon zero.
“This is our seventh acquisition in the last 24 months and increases our holdings in Cardiff to 500,000 sq ft.
“We believe Cardiff is a dynamic and vibrant city with a wonderful history and is rapidly becoming one of the top cities in the UK.
“We want to continue to promote and improve Cardiff’s attributes and contribute to the future vision of the city.”
The property comprises an array of building forms, including the original 1800s’ stone façade fronting St Mary Street, 1909-designed square buildings on the corner of St Mary Street and Wharton Street, the Bethany Baptist Chapel in the middle of the building and a variety of more modern infill development.
The property had previously been acquired by Naissance Capital Real Estate on behalf of investors in 2016 for £37m, financed by a combination of equity investment and bank debt.
However, the building was put on sale with a £15m price tag after the company that owned the property, Jersey-based Wallace Properties, went into administration.
Retail House of Fraser is the building’s current tenant. The company has been approached for comment.
It comes months after Businessman Mike Ashley acquired the Next building in Cardiff city centre.
The billionaire retail entrepreneur acquired the 100,000 sq ft building on Queen Street in May. His business portfolio already includes House of Fraser, Sports Direct and Flannels.
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