The last remaining prime waterfront land sites for development in Cardiff Bay have been acquired by Rightacres Property.
The Cardiff-based property development firm has acquired the connected wasteland parcels of land (known as 1 and 2 Assembly Square) and located adjacent to the Senedd building, from financial services giant Aviva. The value of the deal has not been disclosed, but is understood to be in the region of £4m. Property advisory firm Knight Frank acted for Rightacres Property on its acquisition.
The land, which has outline planning consent for 180,000 sq ft of office development, extend to 1.2 acres.
Rightacres’ chief executive Paul McCarthy wouldn’t be drawn on what could be developed on the land. However, due to their waterfront location and current market sentiment making new office development more challenging, it is likely to be a residential scheme where the built to rent market in particular is attracting strong investor interest.
Mr McCarthy said: “We are looking forward to developing this exceptional waterfront site and will be engaging with local stakeholders soon as we evolve our ideas for the site
“In the past, Cardiff Bay has struggled with transport connections but the work currently under way to improve the rail links from both Queen Street and Cardiff Central stations will transform communications between the city centre and the Bay.”
Earlier this month Rightacres secured planning consent for a 35-storey apartment scheme at its Central Square development. It is now looking to secure an investor to forward fund a built to rent development.
In April it also revealed £25m plans to repurpose the Scott Harbour office in scheme in Cardiff Bay to provide 30 service apartments and 70 build to rent properties.
Subject to planning consent work on the scheme is expected to start in the third quarter of this year with the first apartments ready in late 2024. Scott Harbour consists of a number of separate buildings including Emperor House and Discovery House.
If planning is approved by Cardiff Council Rightacres will acquire the scheme, which extends in 90,000 sq ft, from Global Mutual.
As well as apartments, for which the serviced accommodation will be marketed from one night to six months stays with the build to rent element having longer durations, the scheme will also provide 10,000 sq ft of co-working space, a cafe, a roof top terrace a gym and Peloton studio.
Rightacres, as part of the Interchange scheme at Central Square, has also completed 320 built to rent apartments for L&G Homes. The remainder of the Interchange will provide a new bus station for the city, operated by Transport for Wales and which will open next year, and 120,000 sq ft of new office space for L&G financial operations in the city. L&G is currently located at the Brunel House and Knox Court buildings. More than 2,000 staff will start a phased relocation this month to the new headquarters building - a process that will be completed by September.
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