Avison Young completes disposal of two prominent sites in South Wales

Brecon Court

Acting on behalf of Government clients, Avison Young in Cardiff has completed the sales of two prominent development sites in South Wales.

The sales completed were for sites in Abergavenny and Brecon following the successful granting of planning permission for alternative use.

Avison Young is the world’s fastest growing real estate firm.

The site of the former Court and Police Station in Tudor Street, Abergavenny, comprises a total of approximately 1 acre and was acquired by McCarthy & Sone for redevelopment into retirement living accommodation with planning permission granted for 47 retirement apartments.

The site in Brecon – a 1.2 acre site formerly home to the Law Court in Cambrian Way – was sold to Willis Construction for redevelopment into 21 affordable apartment units.

Both sales were for undisclosed sums.

The sales form the tail-end of a disposal programme carried out by Avison Young on behalf of its Government clients, where sites Wales-wide have been sold for alternative use, with the majority providing redevelopment opportunities.

Tom Merrifield, Director in the Commercial Agency team at Avison Young, Cardiff (formerly GVA), commented “The sales demonstrate the continued demand across South Wales for well located, developable sites, in particular where the opportunity to provide social housing exists. The sales we have completed over the past two years for the disposals programme were in the main on a conditional basis where maximum capital receipt was achieved for the client.”