Speculative Cardiff office scheme launched
A commercial property developer has launched a large, speculative office development in the centre of Cardiff.
Wales-based developer JR Smart has announced that it is to start the speculative development of Number One Capital Quarter (artists impression pictured) in the centre of Cardiff.
The development consists of an 8-storey office block offering around 73,000 sq ft of Grade A office accommodation. Construction work is scheduled to start within the next few weeks.
The office block will be the latest addition to an area within Cardiff known as the Capital Quarter. The 700,000 sq ft development is a mixed-use scheme including retail units, a hotel, student accommodation and office space. JR Smart has recently completed the Driscoll Buildings, a 36,000 sq ft, 2-block speculative office scheme. The offices are available on either a whole-building basis or on a multi-let basis with suites starting at just over 4,000 sq ft.
JR Smart is pressing ahead with the speculative development as it believes that there is sufficient demand for quality office space within the city centre. Commenting on the development, company chairman John Smart says: “As market conditions improve there will be increased demand for quality [Cardiff office space] which is both competitive in rental terms and in the best location possible.” He adds: “There is virtually no available new office space within walking distance of the capital’s main railway station and retail heartland”.
Headline rental prices for Number One Capital Quarter are expected to be around the £15.75 / sq ft charged for the Driscoll Buildings. All the office buildings have BREEAM ratings of ‘Very Good’.
Joint marketing agents are Knight Frank and Fletcher Morgan.
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