Talbot Green Development Limited (TGDL), the joint venture between Valad Europe and Scarborough Group International, has appointed local property agents EJ Hales to provide retail leasing, design and master-planning advice for the Talbot Green Town Centre development project.
One of the most significant developments in the pipeline for Wales, the £200m scheme will provide a new retail and leisure offer as part of a comprehensive regeneration project.
The proposals, which secured outline planning permission in December 2014, include over 300,000 sq ft of new retail, leisure and commercial accommodation. New civic and public realm will be created along with improved public transport interchanges. The proposals also include the provision of 1,800 car parking spaces. Sainsbury’s has been confirmed as the retail anchor for the scheme.
TGDL is a joint venture between Scarborough Group, the UK and international real Estate investor and developer, and Valad Europe, the leading diversified real estate investment manager. Cardiff-based EJ Hales will work together with London-based Lunson Mitchenall to secure a diverse mix of retailers to meet the needs of the increasing residential offering in the area.
Andy Richardson, Head of UK Development for Valad Europe, commented: “Talbot Green provides an attractive location in a strong catchment area that should suit both local and national retailers looking to take advantage of current market conditions to expand their businesses. With consumer confidence reaching near-record levels in the UK, we believe this is the right time to start marketing the remaining space.”
William McAlister, Scarborough Group International Limited, on behalf of TGDL, said: “Lunson Mitchenall’s country wide retail experience, particularly on large scale development projects, combined with EJ Hales in-depth knowledge of the Welsh retail market, made them the obvious choice for this project.”
Phillip Morris, partner at EJ Hales, said: “We’re looking forward to working once again with Lunson Mitchenall on this exciting development having successfully worked together on St David’s shopping centre in Cardiff. Due to the scale and nature of the residential offering in the area, which has grown considerably in recent years, a new town centre is needed to provide a focal point for locals’ shopping and leisure needs. There is a strong appetite for the development locally and we’re confident that there will also be a strong appetite from national and local retail and leisure operators.”
Peter Courtney, Lunson Mitchenall, said: “We have been working with TGDL on the initial works for this project for some time, so we are pleased to see that it is now being brought forward. There has been a significant shift in the Welsh retail sector and as the market continues to improve, we believe that now is the time for a new retail destination in South Wales. Our strategy is to work with EJ Hales to secure well-known high street retailers, smaller specialist shops, and entertainment and leisure providers for the scheme.”
Infrastructure works are due to commence at the beginning of October for twelve months. TGDL will submit a detailed planning application to refine the scheme in with a view to commencing the new town centre works towards the end of 2016.