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Supermarket chain the Co-op is opening a new store in a Welsh village

October 23, 2017

The Co-op is to open a new convenience store in the north Wales village of Penygroes. Its new 4,000 sq ft store, replacing an existing smaller store in the Gwynedd village, will secure 20 jobs. Work has started on the new location at the site of a disused garage and showroom, which had been owned and operated by the Povey family for more than 50 years, on Water Street. The site has been acquired by property owner and developer Cambrian Estates, who were advised on the land acquisition deal by the Cardiff office of property advisory firm Fletcher Morgan. The Povey family are reinvesting the proceeds from the land deal in building a new MOT facility that will be located behind the new Co-op store. The garage and showroom are being demolished to make way for the new developments. The supermarket chain has signed up to a new 15 year lease, with no break clause, at an annual rent of £70,000 per annum. Fletcher Morgan has also been retained to sell on the investment in the new scheme for Cambrian Estates.

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1% hike in stamp duty on £1m plus property deals

October 23, 2017

Wales is now 'closed and not open for business' says leading property developer

Paul McCarthy said a 1% hike in stamp duty on £1m plus property deals by the Welsh Government will drive investment and businesses out of Wales. “In accepting devolved powers for our tax system, the Welsh Government had the opportunity to make Wales an even more attractive place in which to live and work. “By increasing stamp duty as proposed, they will do the absolute opposite and drive investors, businesses and potential commuters back across the bridge. What possible sense does it make to make Wales a more expensive place to invest?

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