Tuesday, August 15, 2023
Hammerson sells Avenue Retail Park, Cardiff for £37.5m
Hammerson has exchanged contracts for the sale of Avenue Retail Park, Cardiff, to The Lanebridge Property Fund for £37.5m.
Hammerson acquired its original investment in the park as part of its acquisition of Grantchester Holdings in 2002. In 2005, Hammerson carried out a major improvement programme and expansion of the scheme at a cost of £25m, increasing its size by 4,500m(2) to 10,500 m(2). Avenue Retail Park currently generates a net rental income of approximately £2.0m per annum.
John Richards, Chief Executive of Hammerson, said: "Having added value through the redevelopment, we are selling this property in order to reinvest in other opportunities in the retail parks sector."
Hammerson acquired its original investment in the park as part of its acquisition of Grantchester Holdings in 2002. In 2005, Hammerson carried out a major improvement programme and expansion of the scheme at a cost of £25m, increasing its size by 4,500m(2) to 10,500 m(2). Avenue Retail Park currently generates a net rental income of approximately £2.0m per annum.
John Richards, Chief Executive of Hammerson, said: "Having added value through the redevelopment, we are selling this property in order to reinvest in other opportunities in the retail parks sector."
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