‘Scope for new hotel’ at Cardiff market buildings
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.