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Re: Office Lettings

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.

http://www.walesonline.co.uk/business/business-news/chief-executive-rightacres-paul-mccarthy-7283175

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.

Re: Office Lettings

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.

Re: Office Lettings

possibly no bus station at all. is it really needed? expensive land anywhere central.

Re: Office Lettings

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.

Re: Office Lettings

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).

Re: Office Lettings

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).

Re: Office Lettings

RandomComment
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).


I imagine it's more to do with the lard arses and beer bellies not having to waddle too far when the six nations is on. Look at the uproar when the cardiff blues moved to Wales' premier sports stadium - the fatties were up in arms about having to walk ten minutes for a pint

Re: Office Lettings

Jantra
RandomComment
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).


I imagine it\'s more to do with the lard arses and beer bellies not having to waddle too far when the six nations is on. Look at the uproar when the cardiff blues moved to Wales\' premier sports stadium - the fatties were up in arms about having to walk ten minutes for a pint


That's a -2 on Ratemytroll.com. Come on now, up your game. This is a time for heroes.

Re: Office Lettings

Rhodri
Jantra
RandomComment
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).


I imagine it\\\'s more to do with the lard arses and beer bellies not having to waddle too far when the six nations is on. Look at the uproar when the cardiff blues moved to Wales\\\' premier sports stadium - the fatties were up in arms about having to walk ten minutes for a pint


That's a -2 on Ratemytroll.com. Come on now, up your game. This is a time for heroes.




You'd better leave the thread then

Re: Office Lettings

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.

http://www.walesonline.co.uk/business/business-news/sequence-boom-pictures-sign-up-7368524

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.

Re: Office Lettings

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.

Re: Office Lettings

Wizard
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.


I think a number of us on here were fearing the same - a great idea to build it but there have been no takers for one reason or another. It gives me a little bit of confidence that maybe hopes for a cluster of creative industries at that location can still work.

The thing with the design of the building is it's clearly meant to be one of a few/many so now that this one will be 80% let it would be good to see plans for the second being announced soon-ish.

Re: Office Lettings

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

Re: Office Lettings

Jantra
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


I think it's going to turn out that way anyway. In the short term the BBC would have speeded things up. Longer term it may be no bad thing to have two clusters with a relatively small distance between them. It's certainly preferable to the way media comopanies have been scattered across the city in the past.

Re: Office Lettings

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.

Re: Office Lettings

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?

Re: Office Lettings

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!

Re: Office Lettings

Wizard
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?


or perhaps its a top end canteen for the workers

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