The 250,000 sq ft shopping centre, which is located in Emlyn Street, is considered the primary retail centre in the Welsh city, and has been sold by UBS Triton Fund to Queensberry Real Estate for what remains an undisclosed amount.
This represents a further investment in Newport for the company, as it is already undertaking development work at Friars Walk, due to be completed by autumn next year, and Queensberry’s chief executive, Paul Sargent, told the local press:
“Newport is the obvious place for us to start as investors due to our in-depth knowledge of the city and its catchment, and we see great potential in the synergies with Friars Walk moving forward.”
The Kingsway Centre houses stores like Peacocks, B&M and Wilkinson’s, and further stores could now open there, under the new owners.
The ongoing regeneration of Newport through retail hotspots like this is certain to be good for the local economy, and will have benefits for other businesses in the area – like Print shops in Newport, which will be needed to supply poster and flyer printing advertising the new stores.
Sargent confirmed that Queensberry Real Estate hopes to make further purchases in the area, with a view to redevelopment, over the upcoming 12 months.Get a Free Quote for Print