The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Wednesday, 26 February

Capital Gains - Welsh Gov Sells Grade A for Profit

Number 1 Capital Quarter – the Grade A office building originally acquired by the Welsh Government to stimulate development of top quality office accommodation in Cardiff’s Enterprise Zone – was sold this week ending November 4 to Global Gate Capital for a net figure of just under £20m.

The 79,500 sq. ft. office, which is fully occupied, was built as a speculative development by JR Smart and bought by the Welsh Government in 2013 for £14m.

The development of new Grade A offices was a key element in the strategy to make Central Cardiff Enterprise Zone one of the prime locations in the UK for the financial and professional services sector.

The acquisition of 1 Capital Quarter ensured the development was completed swiftly to provide much needed top quality accommodation to attract new investment and jobs. At the time there was only one Grade A office scheme in the city that was completed and available for occupation.

To ensure the further delivery of high quality offices, Welsh Government supported JR Smart in the construction and financing an additional 85,000 sq. ft. grade A office development on an adjacent plot through the use of a Property Development Grant.

This BREEAM ‘Very Good’ rated building is now 100% occupied and work is underway on a third 75,000 sq. ft. office development together with the completion of a 300 space car park.

Economy Cabinet Secretary Ken Skates said: “Central Cardiff Enterprise Zone continues to go from strength to strength as evidenced by the sale of 1 Capital Quarter. The Welsh Government’s initial investment undoubtedly acted as a catalyst and inspired confidence in the market with the result that we have since seen significant investment in major developments in the city.

“The provision of office accommodation of the highest quality has contributed to the success of Central Cardiff Enterprise Zone, enabled existing businesses in the financial and professional services sector to expand and attracted new inward investment.”

Global Gate Capital were advised by Bilfinger GVA and this investment is part of a wider strategy of investing in quality buildings in core locations in the UK.

Knight Frank were agents for Welsh Government and Blake Morgan provided legal advice. The London office of Belfinger GVA acted for the purchaser.

In addition to Capital Quarter, developer Rightacres’s Central Square Scheme, backed by major investor Legal & General, continues to attract new tenants, including key Financial and Professional Services company MotoNovo. Work on the new BBC HQ and Number Two Central Square continues at a pace with lettings to key occupiers. Work to demolish Marland House for the replacement Public Transportation Hub and for the development of further large scale offices is also moving forward.

Picture: Number 1 Capital Quarter, Cardiff

Article written by Brian Shillibeer


Related Tags

Related Articles

Vroom With A View - Bicester Plans Automotive Resort

Bicester Heritage has planned a 344-room hotel as part of an overall vision for a souped-up automotive resort on a former RAF site. The plans have been submitted for...

 Read Full Article
Wake-up And Smell The Coffee - Starbucks Takes LEED

Starbucks has just opened  the first-of-its-kind drive-thru in Yeading with new sustainable design features. The brand new store is LEED (Leadership in Energy and...

 Read Full Article
Hoxton Hub

International co-working developer, Areaworks, opened  its first site in the UK, in Hoxton, East London, on the evening of July 5. It brings a new way of working...

 Read Full Article
Property Price World Cup - England Fall At Final Hurdle

London’s West End has been ranked second most expensive office market in the world with the City of London back in the Top 10 - but which city keeps on giving a...

 Read Full Article
Is Retail Property Heading Down The Rabbit Hole?

How the disappearance of well-known retailers from the UK’s high streets is affecting the commercial real estate market - author of the Cass Commercial Real Estate...

 Read Full Article
Global Operators Sail Into Edinburgh Marina

Camper & Nicholsons Marinas have confirmed that it has agreed terms with Granton Harbour to design, commission, manage and operate the new Edinburgh Marina, the...

 Read Full Article
Return of the Oxford to Cambridge Line Steams Ahead

A direct rail link between the university cities of Oxford and Cambridge took a step closer in the week ending December 15 as Transport Secretary Chris Grayling...

 Read Full Article
Excuse Me While I Kiss The Sky - Embracing The Tree In The Hendrikx Experience

A proposal to create the world’s first growing architecture, involving tree-like buildings that absorb CO2, has won the BSRIA and Designing Buildings Wiki...

 Read Full Article
Blooming Marvellous - Bloomberg HQ Is World’s Most Sustainable

Bloomberg’s new European headquarters building, which just opened in London, has been rated as the World’s Most Sustainable Office Building. The building...

 Read Full Article
MEES Guide Just For You

Inprova Energy has published a free guide to the Minimum Energy Efficiency Standards (MEES) Regulations, which could make energy-wasting commercial buildings...

 Read Full Article