Construction starts on retail development in South Wales
- 77,000 sq ft retail development to be delivered in 2013 -
Rockspring Property Investment Managers (Rockspring) and its development partner, Simons Developments, announce that construction has commenced on the first phase of Bargoed Retail Plateau in South Wales.
The ï¿½25 million development is a joint venture with Caerphilly County Borough Council (CCBC) and The Welsh Government has been funded by Rockspring at a net initial yield of 5.9%. The site will provide 77,000 sq ft of retail space comprising of a 57,000 sq ft supermarket and a petrol filling station, pre-let to Morrisons for 25 years, as well as a further seven retail units, pre-let to Caerphilly County Borough Council for 25 years.
The scheme is due to complete in Summer 2013.
Phil Sturdy, Rockspring European Director said:
"The development of The Plateau site at Bargoed is in line with one of our strategy of creating value through funding developments at a discount to standing investments. Once developed, the Plateau will provide a secure indexed incomestream from Morrisons and CCBC."
Graeme Cosgrove, Development Director at Simons commented "We are delighted to be off and running with this important development project which is one of a number we are working on with Morrisons. Reaching this important milestone has taken a number of years and is testament to the hard work and determination of Simons and our partners Rockspring, CCBC and The Welsh Government. I am sure that this development will be a fantastic success and a catalyst for future development in Bargoed and the surrounding area."
Simons were advised by Savills and Ian Metcalfe and Associates. Rockspring were advised by Jones LangLaSalle.