Naissance buys Cardiff leisure

Published:  28 June, 2017

Stadium Plaza changes hands for £20.5m

Naissance Capital Real Estate has completed its £20.5m off-market purchase of the building, which adjoins the Millennium Stadium and the new £400m Central Square redevelopment in Cardiff city centre

This purchase is Naissance Capital Real Estate’s second in the Welsh capital after it bought the city’s House of Fraser store in 2016 on behalf of private clients.

Stadium Plaza comprises 132,047 sq ft of leisure space arranged over basement, ground, and seven upper floors with a weighted average lease expiry of 14 years. Many of the leases benefit from index-linked guaranteed rent review provisions.

Chief Executive Azeemeh Zaheer said “We are taking a long view on the Cardiff property market. There is potential for growth and city officials are doing a great job in reinventing Cardiff. We are looking forward to engage with the local community and add value where possible. The leisure sector attracts one and a half times more discretionary spend as retail and has proven to be relatively robust in the face of recent economic shocks.”

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