Having developed 60,000 sq ft of offices in Dumballs Road, Cardiff, Fusion Point Development Ltd has sold the last one-acre plot to local developer Rightacres Property Co Ltd for £1.5m.
The site, known as Fusion 3, is currently in use as a car park and has planning permission for 44,000 sq ft of offices.
It is located immediately adjacent to Fusion 2, the 60,000 sq ft office building developed by Fusion Point Development, a joint venture between developer Robert Hitchins Ltd and Landmark Cardiff Ltd.
“It was the right time to sell Fusion 3,” said Simon Tothill, Property and Development Director for Robert Hitchins Ltd, based in Gloucestershire.
“We have a significant investment portfolio in South Wales and we constantly review ways in which we can alter the balance to reinvest.
“The market is good and there’s significant demand. There’s also growing confidence from investors who are buying into the vision of Cardiff’s growth potential. We aim to remain a major player in this expansion and continue to seek ways to reinvest cash released from sales in Cardiff and throughout South Wales.”
Knight Frank acted on behalf of Fusion Point Development Ltd. Managing Partner of Knight Frank’s Cardiff office said: “Fusion Point sits within the Welsh Government’s Enterprise Zone and has also recently benefited from the opening of the new Cardiff and Vale College campus. This represents a further development opportunity in the city for the purchasers.”
Robert Hitchins is one of the leading property developers in the South West and South Wales. It deals with the full development process from site acquisition and planning through to development and investment.