In line with its philosophy that potential tenants want to see a building before signing up to a lease, developer JR Smart (JRS) has started work on an 85,000sq ft office scheme for the centre of Cardiff.
The M2H designed, Number Two Capital Quarter building is one of the biggest speculative developments in the city since the recession and is expected to be completed by December next year.
“As a developer we have always taken the approach that occupiers deserve to see a building before they commit their future to it,” explained JR Smart chairman, John Smart. “Once again, we have expressed our total confidence in the future of Cardiff and this location by committing to another speculative scheme in the city.”
Last year his company sold its Number One Capital Quarter building to the Welsh Government for around £15m. A condition of that deal was that JRS build a second Grade A office tower to continue the Capital Quarter regeneration. Its new offering has floor plates of up to 13,450sq ft opening onto a central atrium.
Joint letting agents for the second block are Matt Philips, of Knight Frank, and John James, of Fletcher Morgan. “As a developer, JR Smart has always been very occupier friendly,” said Phillips. “It has a real understanding of what tenants want and are able to deal very quickly and professionally in ensuring the tenant experience is a positive one.
“This latest development should be very well placed to take advantage of the improving market place,” he added. “There is a real shortage of good quality city centre stock available and we only see the Capital Quarter location going from strength to strength.”
Work has also started on a second city centre speculative office build, this time as part of the Capital Square regeneration, north of Cardiff Central Station. Being developed by Rightacres, local law firm Blake Morgan is reportedly close to signing a lease for the top two floors of the 135,000sq ft building.
The Welsh Government also recently unveiled plans for a 90,000sq ft Grade A office scheme on land it owns at nearby Callaghan Square. Although discussions are at an early stage, one potential pre-let deal could go to professional services firm Deloitte. It currently employs around 400 people in the Welsh capital, but expects that to rise to at least 1,000 in the coming years.
All the sites are within the Central Cardiff Enterprise Zone. Which, says its board chairman John Antoniazzi, is “dedicated to the financial and professional services sector which is undergoing a rapid expansion with ambitions for significant growth.
“The availability of high-quality office accommodation is essential not only to attract new prestige investment to Cardiff and the enterprise zone, but also to enable existing businesses in the region to expand,” he added. “These latest developments will, therefore, make Cardiff an even more attractive proposition for companies looking to expand and locate to our city.”
Meanwhile work will start next spring on a new leisure development for the Welsh capital. The STAR Hub, which will replace the existing STAR Centre, will take around 12 months to construct and will contain fitness and leisure facilities including a 25 metre swimming pool, a gym and a fitness suite. Training rooms, a new library and a community run café are also incorporated into its design.
Councillor Peter Bradbury, believes the project will enrich the lives of local residents as well as adding income to the council’s annual budget.
He says; “The STAR Hub is very good news for residents in the area and shows the council’s commitment to investing in our communities by providing joined up services to our customers in their own neighbourhood.
“There has been a high level of community support for a new Hub at Splott Park and people in the area have made it very clear to us that they wish to retain a swimming pool there – we will make the best use of the resources available to us to deliver a facility that meets the community’s needs in the most cost effective way.
“The new building will be energy efficient and fully accessible, ensuring that it is both customer friendly and cost effective to run.”
Yet despite assurances by Councillor Bradbury that local residents are fully in support of the new hub, it seems that several members of the community are less than pleased about the upcoming project. This is largely due to the fact that the new facility is smaller than that originally promised, as a means of lowering the initial £9 million price tag.
As a result, a total of 100 local residents have signed a petition calling for the original Splott Pool, which is due to be demolished next month, to be re-opened to the public. In addition, petition organiser and local resident Bablin Molik is calling for the existing STAR Centre to remain open.
She says; “This was going to be a multi-million pound investment replacing both leisure facilities as one or they would be upgrading what we have.
“Now they are suggesting a smaller facility so we want our pool back and STAR to remain.
“It’s total betrayal of what was promised and it’s just not on.”
Additional material by Kirsten Kennedy
Previous Post
Commonwealth Games provide Glasgow Retail Boost
