Business leaders in Cardiff believe that the capital of Wales needs to be promoted as a dominant business force in the UK, which would in turn cause a huge upsurge in the city’s commercial property market.
Ambitious project plans to create a thriving business district were announced earlier in the year. The Cardiff Central Business District (CBD) will be located on Callaghan Square between the city centre and Cardiff Bay.
The project will see £160m investment, which has come from the council, private investors and a grant of £21m from the Welsh Assembly Government.
It is hoped the CBD will boost the city’s economy to the tune of £46m per annum with four million sq ft of new office space, plans for a new convention centre and new transport links to the business quarter.
Cardiff City Council Leader, Rodney Berman said: ‘This is the start of a new economic blueprint for the city and it will firmly establish us not just an economic driver for the city region but a powerhouse for the Welsh economy…We are thrilled that in these times of economic uncertainty we have been able to unveil such far-reaching plans and are now in a position to move forward with this exciting vision which is going to help us deliver more jobs, investment in transport and new gateways to the city.’
In an attempt to drive more investment into Cardiff the CBD plans were presented to potential investors in London last week.
Richard Thomas, managing director of Cardiff & Co, the company with the role of advertising Cardiffs business and commercial property potential across the globe, said: ‘Promoting the capital of Wales in London is a key priority for us, as is developing a strong network of London-based advocates who continuously present a positive image of the Cardiff city-region…Major investors from the UK and other parts of Europe are based in the UK capital and by sharing Cardiff’s news with them we can open up new avenues for investment.’
Should these plans come to fruition it is hoped more and more businesses will see the excitement in the Welsh capital and invest into the commercial property market in the area.
