We are delighted to announce that we have bought out the entire interest held by Cromwell Property Group in Talbot Green Developments for an undisclosed sum.
The joint venture company was established in 2000 following an earlier agreement between ourselves and the Welsh Ministers to bring forward the development of more than 200 acres of land in Llantrisant, South Wales.
The land holding is split across multiple sites, including a 27-acre plot for mixed-use in Talbot Green town centre and a further 27-acres in Mwyndy.
In 2007 we forged a partnership with a business which is now part of the Australian-listed Cromwell Property Group (Cromwell), transferring a 50% stake in the assets held within Talbot Green Developments.
The buy-out give us greater control over the future direction of the land held in Llantrisant, and also provides the freedom to develop long-term strategic partnerships with other local authorities and government agencies as it seeks to expand its operations across South Wales.
Jack Abou-Jaoude, Senior Development Manager at SGI, commented:
“Our relationship with Cromwell has been a good one. However, we have wanted to broaden our base across South Wales for some time and have already identified a number of regeneration sites and joint venture opportunities that we would like to pursue.
“Having full control over Talbot Green Developments will allow us to accelerate our plans and strengthen our position as a key player in stimulating the regeneration of South Wales, while at the same time allowing Cromwell to focus on its funds and investment management business.”
We are now working closely with Rhondda Cynon Taf County Borough Council to revitalise plans for the town centre site so that it is less reliant on retail and more focused on broader hospitality, leisure and public services.
“The retail landscape has changed significantly since we secured planning permission for Talbot Green town centre, with the Covid-19 pandemic accelerating a number of consumer trends that were already starting to emerge, notably a greater shift towards online retailing.
“Because of this, we feel it prudent to reconsider our plans for Talbot Green town centre to ensure that the proposed masterplan comprises the right mix of uses that respond to the needs and wants of the local community. Stakeholder engagement is key in this regard and we look forward to sharing our plans with the local community as they come forward.”