Work has started on a new office development in the centre of Cardiff.
The 58,000 sq ft One Canal Parade is the latest project from property development firm Rightacres – and further underlines the vibrancy of the capital’s commercial property sector.
Rightacres is also behind Wales’ most ambitious regeneration scheme in the one million sq ft Central Square. The project is also located in the centre of Cardiff.
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One Canal Parade, which is scheduled for completion next May, is located alongside Cardiff and Vale College’s new £50m campus site, which was also developed by Rightarces.
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Construction of the grade A office scheme is being carried out by Cardiff-based BECT. The building has been designed by Cardiff-based architectural firm CWA.
Chief executive of Rightacres Paul McCarthy said: “There is very little new Grade A office space available in Cardiff and whilst there are a number of refurbished schemes coming onto the market we are confident that the demand for new space remains strong.”
“Whilst we are getting rents of £26 per square foot now in Central Square, there is also a demand for lower cost new accommodation again within close proximity of Cardiff Central Train Station, but with rents of around £21 per square foot”
Cushman Wakefield have been appointed as letting agents for the scheme. The firm is reporting strong interest from potential occupiers.
Work has also started on a new HQ for BBC Cymru Wales at Central Square, which will be ready for occupancy, after a year long fit out, in 2019.
Up to ground level work is also under way on the 135,000 sq ft Two Central Square office scheme, which is also attracting strong occupier interest.