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Capital Quarter Update

Capital Quarter nears completion

6 Central Square start

Central Square close to completion

Cardiff starts

Cardiff demand rising

Cardiff saw an upswing in office demand in 2014, with nearly 550,000 sq ft of office transactions during the year. Large deals included: Finance Wales’s agreeing to take 22,300 sq ft at the Number 1 Capital Quarters and Blake Morgan law firm's pre-let of 28,000 sq ft at One Central Square.

Construction is well underway at One Central Square (135,000 sq ft) and Number 2 Capital Quarter (84,000 sq ft). Both are likely to complete in late 2015. Market rumours suggest the 90,000 sq ft Callaghan Square could start during 2015.

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Cardiff report

A recent Cardiff office market report by property consultant GVA concludes that there is a shortage of readily available grade A office stock in the city, following the completion of Admiral’s new 200,000 sq ft HQ. The ‘Tipping Point’ report lists six medium to large requirements in the city, from the likes of AA, Geldards, L&G, Cunningham Lindsay and HSBC which total nearly 180,000 sq ft. An analysis by Metropolis points to an even greater level of demand for office space in Cardiff. There are over 20 medium/large locally-based firms, either in Cardiff or looking at the city, which either have confirmed searches underway or are approaching lease decisions in 2014. The main office schemes in the pipeline are the 75,000 sq ft Capital Quarter; 2 Callaghan Square where there is consent for up to 500,000 sq ft and Capital Quarter where developer Rightacres is contemplating a start on a 140,000 sq ft scheme. None of these schemes are currently under construction, so many of the requirements will have to wait or settle for refurbishing B grade space in Cardiff. Some interesting plot twists await.

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Offices or data centre?

Property developer PMG Estates has told Metropolis that next year it hopes to begin work on Maritime Court at Trident Park in Cardiff. The company has planning permission for 8,000 sq m (86,111 sq ft) of office space at the Cardiff Bay site. Maritime Court has been planned for several years and was shelved during 2008 due to concerns about costs. The architect is Holder Mathias Architects and the letting agent is DTZ. It has been suggested, but confirmed, that the site may not necessarily be used as offices and that a data centre might be built on the site instead.

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Smart summer start

Developers JR Smart have told Metropolis that they hope to begin work on the next phase of their Capital Quarter development in Cardiff this summer. The company has planning permission for 6,578 sq m (70,000 sq ft) of offices designed by M2H Architects on Tyndall Road. The letting agent is Fletcher Morgan.

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Insurer for Cardiff scheme

International insurance giant Willis has signed for new office space in Cardiff. The insurer has moved into new offices at MEPC's 5 Callaghan Square office scheme, occupying 3,300 sq ft on the sixth floor. The 53,258 sq ft scheme is already home to Deloitte, Network Rail, Hays Recruitment and B3 Burgess Architects.

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Major Cardiff consent

MEPC has secured outline planning permission for a 46,450 sq m (500,000 sq ft) new phase for its office scheme at Callaghan Square in Cardiff, Wales. The proposal comprises six buildings ranging in height between four and 12 storeys. Savills advise.

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E18 completion in autumn

MEPC and Rightacres are planning to complete the 2,780 sq m (30,000 sq ft) E18 building at Phase 2 of Callaghan Square in Cardiff in September 2006. The building has been pre let.

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Cardiff Bay's £700m mixed use scheme

Cardiff County Council has chosen gaming firm Aspers to operate the casino and entertainment complex at Cardiff's proposed £700m International Sports Village in Cardiff Bay. Orion Land & Leisure has already been appointed to develop the scheme, which will include a conference centre, an indoor snow slope, a 4,000-seat multi-purpose arena, an ice rink suitable for international competition, a 250-room hotel and waterfront bars, restaurants and administrative offices. The government is yet to grant consent to build a casino on the Sport Village’s 80 acre (32 ha) site.

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March finish for Rightacre scheme.

Rightacre's 1,860 sq m (20,000 sq ft) office development on Penarth Road will reach practical completion by the end of March. The building has been let and was marketed by DTZ and Knight Frank. The architect was CWA.

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Phased refit from Admiralty.

Admiralty Properties is planning to begin a floor-by-floor refurbishment of 3,716 sq m (40,000 sq ft) of office space at Park View, Greyfrairs Road, Cardiff. The first floor will be refurbished speculatively and is expected to take six months. The remaining floors will be refitted as potential occupiers show an interest in them. A main contractor has not been appointed yet but one is expected to be soon. The letting agent is Knight Frank.

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Nearly there for Fusion II

During the next few weeks a main contractor will be appointed for the second phase of Landmark Securities’ Fusion Point development on Dumballs Road, Cardiff. The main contractor will be in place by the end of February will work beginning on site immediately. The 5,574 sq m (59,998 sq ft) office will take approximately 12-13 months to reach ‘Cat A’ status and is speculative. The QS is Walfords of Luton, the M&E contractor is FHP Engineer Services, the architects are McDonalds and the letting agent is Knight Frank.

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Start date for Fusion II

In the New Year, Landmark Securities is expected to begin work on the speculative 5,574 sq m (60,000 sq ft) second phase of its Fusion Point office scheme in Cardiff. The first phase of the Dumballs Road development was pre-let to Zurich Insurance on a 20-year lease. A main contractor will be appointed by the end of 2004. Luton based Walfords is the QS and the letting agent is Knight Frank.

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AXA building faces the chop

JR Smart (Builders), the Cardiff-based firm, has announced detailed plans for the £40m mixed-use development, designed by Wigley Fox architects, called Meridien Gate in Bute Terrace in Cardiff. The company is planning to demolish the former Axa headquarters of 3,994 sq m (43,000 sq ft), which it acquired last year, and build a scheme as two 17-storey towers to include 1,858 sq m (20,000 sq ft) of offices, 186 apartments and 465 sq m (5,000 sq ft) of retail space on the ground floor. A full planning application is to be submitted in late 2004 and Cooke Arkwright and Fletcher Morgan are expected to be appointed as the letting agents.

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Land Sec's Cardiff plans revealed

Land Securities and Capital Shopping Centres £550m plans to redevelop Cardiff city centre have been unveiled. The 69,676 sq m (750,000 sq ft) development includes offices, retail units, bars, apartments, and a public square. The scheme is an extension of the city's main shopping area, the £400m St David's Centre. Selfridges is understood to be interested in being the anchor tenant in the development.

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Wigley Fox plan in Cardiff

Ivor Holdings has submitted a application for a multi million pound scheme in the centre of Cardiff. Proposals include a 12,820 sq m (138,000 sq ft) office scheme alongside a 15-storey block of 160 apartments and a multi-storey car park. The architect for the project is Wigley Fox.

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