The Kingsway shopping center based in Newport in Wales has new owners, the same firm behind the redevelopment of Friars Walk, and is due to welcome a gym, with speculation of a large supermarket to become one of the tenants.Sainsbury’s has already made a licensing application for a unit at the center.
The main buyer was Bywater and the asset management of the center would be the responsibility of Queensberry.
Plans in the offing for Friars Walk will not be changed to include the center because they will complement each other as Kingsway is a predominantly discount center.
Queensberry Real Estate (QRE), with joint venture partner, Bywater Properties, purchased the 250000ft² center from the UBS Triton Fund for an undisclosed amount. The current tenant mix in the center includes Peacocks, B&M and Wilkinson’s.
QRE already has a huge presence within the city center of Newport, with the Friars Walk development of 390000ft² due to open during autumn 2015.
The chief executive of QRE, Paul Sargent, said this is the first of many similar acquisitions they are hoping to achieve over the next year. Newport is the perfect place for them to commence their strategy as they possess in-depth knowledge of the area and have recognized the synergy with Friars Walk to push ahead.
The redevelopment of Friars Walk has resulted in the return of top retailers to Newport City Center and this has had a knock-on effect on Kingsway.