A retail led scheme that includes two historic Victorian built arcades in the centre of Cardiff is close to full occupancy for the first time in a decade after its latest letting deal. Morgan Quarter, which consists of the Morgan and Royal arcades and the Hayes, now has an occupancy rate of 98.5%, with just one of its 65 units currently available.
The scheme, which extends to just under 400,000 sq ft, is owned by Greater Manchester Pension Fund, which acquired the freehold investment from Helical in 2017 in a £55m deal.
The occupancy rate has been steadily improving since the pandemic when in 2020/21 it dropped to 77% with 15 unoccupied units. The latest letting has seen the opening of the first Welsh permanent store from activewear brand Sweaty Betty’s in the Hayes.
Other recent lettings include those with other leading brands such as Lucy & Yak and Bird & Blend Tea Co. The Morgan Quarter now sees more than 100,000 people passing through the arcades every week.
The quarter is also home to established independent stores like Spillers and Wally’s, as well as recent additions like Secrets of Wales,
The strong letting performance bucks a downwards Ƶ trends, with 38 shops closing every day according to recent research from accountancy firm PwC.
Samantha Provis, Sweaty Betty Cardiff manager, said: “We’re so proud to be the first Sweaty Betty store in Wales, and to take one of the last available units in an iconic location like the Morgan Quarter.
"We’ve been waiting for the right time and space to bring Sweaty Betty to Cardiff and the Morgan Quarter is the perfect location for us, being so central within the city and bringing a real community of businesses together.
“Times are tough for businesses across the Ƶ right now, as we all know, and it’s great to have the support of our neighbours and the Morgan Quarter – we all want to see each other thrive.”
Marika Jones, centre manager at Morgan Quarter said: “We are delighted to see a wide range of stores choosing to open in the Morgan Quarter – from smaller independent businesses to huge global brands like Sweaty Betty.
“There is a real sense of community among the businesses here. Everyone wishes success on each other to encourage people into these special arcades.”
The Morgan Quarter is now generating an annual rental income of £2.9m.
