New plans have been announced for the transformation of former docklands in Cardiff Bay, into a fantastic commercial property waterfront development. The plans include, 70 new homes, a four star hotel and a major office space development to be built at the site known as Porth Teigr.
Hoping to bring these plans to life is, The Igloo Regeneration Fund, a partnership of pension, life and charity funds managed by Aviva Investors. The company was set up to invest in sustainable urban regeneration across the UK.
Igloo say on their website, the Porth Teigr venture will be, ‘responsible for developing 38 acres of land – on the south side of Roath Basin in Cardiff Bay – for an environmentally sustainable mixed use development including commercial, retail and residential space. It represents one of the most significant waterfront developments in the UK and will transform the last major derelict site in the Inner Harbour area to create more than 1 million sq. ft. of commercial development space and over 1,000 new homes.’
It was announce earlier this week by, Igloo, development director, Mark Hallett, that a detailed planning application for the project will be submitted to Cardiff City Council, by the end of this year.
Planning permission has already been secured for a 40,000 sqft office development on the site, which is to be known as the Centre for Creative Industries and is set for completion in the summer of 2012. Mr Hallett, told Walesonline that there has already been huge interest in the commercial property development and ‘more than 400 companies had already contacted him about taking space in the new centre.’
These are exciting plans for commercial property development in Cardiff and Igloo say the Porth Teigr plans ‘will complete the final piece in the Cardiff Bay Inner Harbor jigsaw by transforming the last piece of brown field land in the area into a 21st century environment.’
