Asset manager and investor Addington Capital has appointed Time Retail Partners to bring its Queen's Arcade in Cardiff to market. The vendors are seeking a yield of around 8 per cent.
Addington bought the 150,000-sq ft shopping centre in March 2011 as part of its joint venture acquisition of the Sapphire Portfolio. The centreís mix of retailers includes New Look, Argos, Animal, Skechers, Rymans, Entertainer and 2Seasons in addition to the cityís Post Office and main Halifax Bank. Toys R Us has also recently taken space in the scheme.
Queen's Arcade was originally developed in the mid 1990ís and was refurbished between 2006 and 2008. It is positioned in the city centre of Cardiff and links into Queen Street, Working Street and the St Davidís Centre.
Bruce Nutman of Time Retail Partners said: "There remain numerous active asset management initiatives for the future owners of this scheme. There is a real lack of quality stock in the investment market at the present time and the centre's location in central Cardiff will add to its attraction. The scheme has an annual shopper footfall of 10 million people and the city is a thriving UK capital with a balanced retail offer. We welcome all potential interest. "