Thought we could start a new thread on this.
A few bits of news courtesy of Knight Frank office search to get the ball rolling.
Despite "substantial interest", only just over 5000 square feet of the creative industries building if officially under offer, leaving 24,000 square feet still to let. Perhaps thats why its gone quiet on the next phases of the development?
The 5th, 6th, 7th, and 8th floors of No.1 Capital Quarter are under offer (I think now let), totalling around 32,000 square feet.
Less than 20,000 square feet left available at 3 Assembly Square, although this has been very slow to "fill up", probably putting off further speculative development:
Good idea creating the thread.
The lack of actual interest on the GloWorks building is a bit odd considering the reported interested and it does completely explain the lack of anything happening on a second building. As much as I like the building it's designed to be alongside others and currently looks a bit lonely.
The question is where has the interest gone, either the companies involved where just put off by the price or didn't really have plans to move from where they currently are.
Maybe it's all hanging on the BBC Wales relocation decision, which is due by now surely ? If they move to Cardiff Waterside it'll help complete Assembly Square but may also help Roath Basin with small organisations that work with the BBC and ITV Wales wanting to be in what will effectively become Cardiff's media quarter. Future plans for Roath Basin have also gone very very quiet, I can't remember the last time I saw any updates from Igloo.
As for Number 3 Assembly Square, again this may be helped by a possible BBC Wales move. The whole Cardiff Waterside scheme has been so bloody slow hasn't it ? They may as well sell the land at Pierhead Street to a housing developer as there's no sign of anything ever happening there when they've still got two plots to fill at Assembly Square.
Could the Pinewood announcement also cause media firms to think about alternative sites?
The former WDA offices near the castle have been sold, and according to this article Geldards may be moving to it
I've put this here because it's more of a general point rather than aimed at one specific development.
There's an interesting statement by the owner of Rightacres in today's Western Mail, and Goodway (in his role on the City Region board) seems to agree.
I may be wrong, but I have a suspicion that the Assembly government may sit on it's plans for plot E04 at Callaghan Square because of what's going on with Rightacres and J R Smart. If they are submitting plans already for number 2 Capital Square as well as beginning construction on Number 1 that's a fair amount of space for Cardiff if you add in Number 1 and Number 2 Capital Quarter as well.
Maybe a six month wait to see what happens lettings wise at Number 1 Capital Quarter and Number 1 Capital Square, plus see who exactly is behind the reason for Rightacres to move so quickly with another planning application ?
Is Paul McArthy correct though ? If they have someone almost lined up for Number 2 Capital Square then what is he worried about ? Is he just protecting his project ?
What worries me about anything other than Number 1 at Capital Square being constructed relatively soon is the bus station being relocated and not having much faith in the council getting anything done quickly enough. I hope I'm wrong.
At Callaghan Square there's an empty plot sat there doing bugger all and part of me just wants to see a building go up there regardless.
I do worry about potential over-supply of new offices if all the schemes talked about go ahead. But, its hard to find impartial information on this kind of thing.
The developers, like Rightacres, will want to limit competition for occupiers. This means they'd rather other developers, including the Welsh Govt, didn't build. And hence, I'm tempted to take this with a pinch of salt.
But agents, like Knight Frank, probably have an incentive to get more space. Because that means they get more instructions, and more work trying to let it all out.
Occupiers also want lots of space built as it increases choice and pushes down prices.
The government typically wants space to be built, as even if empty, it starts paying business rates. Perhaps in this instance though, as it would be paying rates to itself, it won't want to push ahead if it thinks the demand isn't there.
possibly no bus station at all. is it really needed? expensive land anywhere central.
Furthermore, it seems quite clear that I was right about the Council and Govt pulling in somewhat different directions when it comes to office development. The Welsh Govt has been pushing for Callaghan Square and Capital Quarter. And the Council has been batting quite strongly for Capital Square.. which is "its" scheme.
Also find Goodway's comments on the BBC headquarters quite revealing on this regard. I quite strongly disagree with him. I don't think the BBC headquarters in the bay would be "just another building". I think it would have given the area a critical mass of workers (and shoppers and diners), and could have been a catalyst for more development - perhaps a hotel, perhaps more media companies etc. I actually think it will have less of an impact on Capital Square, which is such a strong location, that although it may have taken longer, it would have filled up quite nicely anyway (plans for 2 buildings quite quickly already).
Thats not to say I don't see why BBC chose Capital Square. For them it makes much more sense - particularly because its a much better location for staff and for visitors (both to get to and from, and for the various amenities nearby).
Good news for the GloWorks building at Porth Teigr, two tenants signed up just before the building is officially opened. Boom Pictures is taking the top 3 floors and Sequence is taking the second floor meaning the building will be 80% let.
What will be interesting to hear now is if there are plans for that second building to go up next to it. There's nothing in the article about it unfortunately.
What a relief.
I was starting to fear that the building would be going the way of Caspian Point and No.3 Assembly Square - namely taking 5-10 years to fill up.
That is good news. It really is shame the BBC didn't go to assembly square as we could have had the makings of a media village in the bay
It is going to quite creative down there - a kind of Pontcanna ar y mor. Look forward to see what spin off benefits will come from this. I think a Spinnaker type tower on the land where the Tube used to be would be great.
ITV are now in 3 Assembly Square. Whilst they appear to have very small office space, they at least have a nice big corporate logo up in the entrance!
I don't know whether it's exclusively part of the ITV space (or a shared facility), but a large sweep of the space on the ground floor of the development has been given over to what is effectively a length of fitted kitchen units.
I hadn't anticipated a culinary 'centre of creativity' on the ground floor. Is it perhaps part of a cooking show that they make?
Its possible these kitchen units are something to do with the life science hub as biology labs have some commonality with fitted kitchens, fridges and all. But I doubt it as I thought the hub was all office space. Could be a lab tech demo space, but again i doubt it. Might just be a kitchen!
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