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Chester Properties has acquired Festival Park in Ebbw Vale for £19.5m. Festival Park is Wales’ original outlet centre and was built on the former site of the 1992 Garden Festival of Wales. Set in 75 acres of parkland, the outlet centre covers 100,000 sq ft and comprises 41 units, a garden centre and 1000 free car parking spaces.

Chester Properties plans to refurbish and extend the centre to improve the shopping experience on offer and increase footfall from the primary catchment population as well as those within an hour’s drive of the centre and the four million tourists who visit the Brecon Beacons every year. The new owner is already talking to some of the UK’s biggest high street names to secure an anchor store and other new tenants.

Festival Park was purchased from Eagle One which owned and operated the centre since it opened in 1997. The purchase price represents a net initial yield of 7.4 per cent.

Markham Vaughan Gillingham and nb real estate have been appointed as letting agents and GVA Grimley as the managing agent.

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Source : www.shopping-centre.co.uk