Capital & Regional is about to start work on a major new retail development in Cardiff following final approval for the scheme, which incorporates 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 council will now put this sum towards the £58m cost of building the new stadium.
One end of the retail park terrace is to be anchored by a 132,500-sq ft Costco warehouse club. The other end has been sold to Asda which will be building a 90,000-sq ft supermarket. Other lettings on the terrace, including mezzanine space, are to Marks & Spencer which has pre-let 49,000 sq ft and JJB sports which has pre-let 47,000 sq ft.
Capital & Regional director John Gatley said: "We are delighted to be a part of this important development for Cardiff, for all the economic and social benefits that a development of this scale will bring. We're creating a vibrant retail centre for shoppers that complements both the stadium development and the wider retail offer."
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