Bid process ends for landmark city building
A NUMBER of bids have been submitted to buy the landmark Howells building in Cardiff.
The formal marketing of the prominent city centre building closed at the end of last week.
Property advisory firm Avison Young have been marketing the Grade II listed building since the firm was appointed joint fixed charged receivers late last year.
Tom Merrifield, of Avison Young, Cardiff, said: “We’re very pleased with the number of bids received, but of course, our job now is to review each one in detail and submit our assessment to the Receivers.
“This is an in-depth process and is likely to take a few weeks.”
The formal marketing process was intended to start in March, but was put on hold during lockdown.
Prior to March Avison Young had received around 200 initial enquiries for the freehold interest in the building, which was rebranded as House of Fraser in the 1970s.
The building extends to 275,000 sq ft, which is located on a prime 1.72 acre site, was being offered for sale by informal tender. Interested parties had been asked by Avison Young to submit offers in writing by 5pm on October 15.
The real estate adviser, which has successfully sold heritage buildings including the Old War Office in Whitehall, and the 18th century Royal National Hospital for Rheumatic Diseases in Bath, had previously said they were looking for a developer who would respect the heritage of the building while bringing the building back to life. They said that may include retail, leisure or residential with the appropriate planning consent.
House of Fraser, now part Frasers Group plc, which was formerly Sports Direct International, continues to trade within the building, currently occupying 227,000 sq ft.
The building does though require significant investment.