Capital & Regional has been given the green light to develop one of Cardiff’s biggest mixed-use developments of the year
Together with joint venture partner PMG, the co-investing property asset manager is expected to start work shortly on developing a new retail centre, Capital Retail Park, alongside a new stadium for Cardiff City Football Club.
Capital Retail Park Partnership, which will develop the 470,000 sq ft retail park element of the scheme, is a 50:50 joint venture between Capital & Regional and local developer PMG.
The Partnership has bought the retail park site from Cardiff Council for £34.7m. The proceeds from the sale will be put towards the £58m cost of building the new football stadium.
One end of the retail park terrace is to be anchored by a 132,500 sq ft Costco warehouse. The other end has been sold to ASDA, which is planning to develop a 90,000 sq ft supermarket. The other main occupiers are Marks & Spencer, which has agreed a prelet of 49,000 sq ft and JJB Sports, which is set to take 47,000 sq ft.
Speaking on behalf of Capital & Regional, John Gatley said: ‘In adding M&S to the line up of shops at Capital Retail Park, which currently includes Asda, Costco and JJB Sports, we are creating a vibrant retail centre for shoppers that complements both the stadium development and the wider retail offer in Cardiff today.’