What was once a flagship store for DIY chain BQ in Wales is being revamped by its owner in a major investment.
Ashfield Land is transforming the former BQ retail unit it owns on Hadfield Road, Cardiff.
As the freeholder and investment owner of the 44,520 sq ft former BQ store – which shut earlier this year as part of a wider UK store closure announcement by the retail giant – Ashfield Land pursued an alternative strategy for unlocking value by reconfiguring the building.
This will see the building sub-divided into two new units and a series of external alterations made to its facades and signage.
The 165 space car park will also be reconfigured and improved.
Planning permission for the improvement works has been granted by Cardiff Council.
Ashfield Land has completed a deal with Selco, the building materials business, to occupy 26,340 sq ft on a 15 year term. Ashfield Land is now undertaking the building subdivision and improvement works which are expected to complete in November, with Selco due to open in early 2017.
Ashfield Land is in discussions with several potential occupiers for the remaining 18,180 sq ft of the building and details on a deal are expected to be confirmed shortly.
Paul Jagroop, director at Ashfield Land, said: “Delivering effective asset management in changing market conditions is vital and requires know-how and experience.
“BQ’s demise has created new opportunities for other occupiers and we’re undertaking focused building and site improvement work to benefit Selco and a second occupier we hope to confirm shortly.
“This is about using the breadth of our property asset management skills to sustain and create value and we’re delighted to be breathing new life back into the site.”
Ashfield Land owns and invests in commercial property across the UK and has a strong track record in asset management for retail property and business parks.