‘Scope for new ho­tel’ at Cardiff mar­ket build­ings

South Wales Echo - - NEWS -

THE his­toric Mar­ket Build­ings prop­erty in the cen­tre of Cardiff could be turned into a ho­tel or apart­ments af­ter go­ing up for sale – with a £1.75m price tag.

The grade II listed sand­stone prop­erty forms the main en­trance to Cardiff Mar­ket, through a cen­tral two-storey arch dec­o­rated with a sym­bolic stone phoenix on St Mary Street.

The deal does not in­clude Cardiff’s his­toric in­door mar­ket.

The agents mar­ket­ing the build­ing – which has a to­tal of 21,000 sq ft spread over six floors – say it has the po­ten­tial to be turned into flats, stu­dent ac­com­mo­da­tion or a ho­tel, with the pos­si­bil­ity of a restau­rant or cafe on the ground floor when cur­rent ten­ant leases ex­pire.

Be­ing mar­keted by the sole agents Cooke & Ark­wright, it has shops on the ground floor – in­clud­ing shoe re­pair and key cut­ting fran­chise Timp­son – as well as a base­ment night­club and of­fice space on the up­per floors.

The build­ing cur­rently gen­er­ates an an­nual rental in­come of £188,000.

Gra­ham Davies, in­vest­ment di­rec­tor with Cooke & Ark­wright, said: “This is a high yield­ing in­vest­ment op­por­tu­nity in one of Cardiff’s most pop­u­lar retail and leisure pitches.

“There is con­sid­er­able scope for a pur­chaser to add value to the prop­erty in a va­ri­ety of ways. An up­lift of rental val­ues could be achieved by re­fur­bish­ing the of­fices when the leases ex­pire in a cou­ple of years, or they could po­ten­tially be con­verted for res­i­den­tial or stu­dent use, or as a ho­tel.”

Fel­low di­rec­tor Nick Law­ley said: “In ad­di­tion, there is the pos­si­bil­ity to cap­i­talise on the grow­ing pop­u­lar­ity of St Mary Street as a leisure lo­ca­tion, by re­con­fig­ur­ing the retail ac­com­mo­da­tion for con­ver­sion to A3 [restau­rant and cafe] use.”

Mar­ket Build­ings un­der­went a ma­jor ren­o­va­tion last Novem­ber, with Cooke & Ark­wright’s build­ing con­sul­tancy arm over­see­ing main­te­nance works to clean the sand­stone and gran­ite ex­te­rior and re­store the dec­o­ra­tive de­tail on the stone re­lief carv­ings.

The prop­erty is ad­ja­cent to the House of Fraser de­part­ment store, which the Cooke & Ark­wright’s in­vest­ment team pur­chased on be­half of in­ter­na­tional in­vestors last year.

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