Phoenix set to rise as iconic market building goes on sale
THE historic Market Buildings in the centre of Cardiff is up for sale with a £1.75m price tag.
The Grade II listed sandstone property forms the main entrance to Cardiff Market, via a central two-storey arch decorated with a symbolic stone phoenix on St Mary Street.
Extending to 21,000 sq ft over six floors, it is being marketed by the sole agents Cooke & Arkwright. It has four retail units on the ground floor a basement nightclub and office space on the upper floors. The building currently generates an annual rental income of £188,000. The sale doesn’t include any of the indoor market itself.
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.”