Indigo Hotel, Cardiff
In Spring 2015, Maven clients completed a £13.75m transaction to purchase Dominion House, a 6,000m2 empty office block in Cardiff’s city centre for conversion into a 100-bedroom Hotel Indigo with rooftop Marco Pierre White Steakhouse Bar & Grill. The new hotel will be ideally located in close proximity to Cardiff’s central business district, its major attractions such as Cardiff Castle and the Millennium Stadium and principal transport links.
Funding for the project included a £5.75m equity raise from Maven’s UK-wide syndicate of investors and introducers. Investors will benefit from Business Premises Renovation Allowance (BPRA), which is intended to stimulate investment in qualifying areas across the UK, including: Glasgow, Liverpool, Newcastle and Birmingham in addition to Cardiff, by providing tax allowances for the costs of refurbishing empty commercial properties.