Real estate investment, development and asset management company Thackeray Group has acquired out of receivership the landmark Howells Building in the centre of Cardiff, UK, with plans to carry out a repositioning of the building as a mixed-use destination.
The Howells Building is a 275,000 sq ft (25,550 m2) listed building on a 1.7-acre site, in the city’s prime shopping district near to the St David’s Centre, Queen’s Arcade and The Hayes. It comprises an array of building forms, including the original 1800s’ stone façade fronting St Mary Street, 1909-designed square buildings on the corner of St Mary Street and Wharton Street, the Bethany Baptist Chapel in the middle of the building and a variety of more modern infill development.
The building is currently primarily occupied by House of Fraser, currently in 227,000 sq ft, with the Borough Arms pub occupying 2,500 sq ft over basement and ground floor fronting St Mary Street. It has planning consent for change of use from retail to mixed use.
Thackeray is aiming to carry out a net carbon zero regeneration of the building into an aparthotel, build-to-rent apartments, restaurants, shops, leisure offerings and office space. Thackeray’s £100 mln (€120 mln) plans also include a large central courtyard.
The building was sold by Avison Young, acting as fixed charge receiver.
Antony Alberti CEO of Thackeray Group, said: ‘This is an extremely exciting acquisition for Thackeray in a city that we love and further anchors our presence in Cardiff, which we are looking to continue to invest in. It is arguably the best collection of buildings in the city and we look forward to delivering a landmark scheme for this capital city.’
