Commercial Property News

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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."



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