Cardiff Council has successfully completed the purchase of two buildings and a plot of neighbouring land essential to the Capital Square regeneration scheme.
Now locally based commercial developers Rightacres Property can finally move forward with the plan to provide up to a million sq ft of office and leisure space. There is also a possibility that the scheme could include new homes.
The buildings involved are St David’s House and Marland House, both of which the council holds the freehold interest in.
The leasehold of St David’s House has been has been bought from investors Albermarle and the leasehold of Marland House has been purchased from the Mars Pension Fund.
Both properties are occupied although, with the exception of Tesco, the tenants are on short term leases.
The land is a vacant plot on Park Street which was once home to Media Wales. The cost of the purchases is undisclosed but is believed to be in the region of £20 million.
The scheme is being funded by a £48 million capital budget designed to support enterprise zones. The Welsh Government has also contributed to the development.
Paul McCarthy, the chief executive of Righracres, told WalesOnline that the development is the most exciting in the area for a while and is a ‘major piece of the jigsaw’ in the regeneration of Cardiff city centre.
“It is now important that all stakeholders, Cardiff Council, the Welsh Government and ourselves as developers, work together to make this happen,” he said.
The centrepiece of the development will be a 130,000 sq ft office building dubbed One Capital Square. Rightacres say plans will be submitted shortly and the expected completion date is early 2015.
Talks are already underway with potential tenants who are believed to include Legal & General and other companies based in the city. There is also the possibility of an unnamed employer relocating to Cardiff creating 1,000 new jobs.
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