Occupier interest expressed in new city centre office scheme
Anew grade A office scheme in the centre of Cardiff, which will be completed this summer, is attracting strong occupier interest.
One Canal Parade is the latest grade A office scheme from property development firm Rightacres Property.
The Cardiff-based family-owned business is also behind the 1 million sq ft Central Square scheme, as well as the up to 3 million sq ft proposed Central Quay scheme – both in the centre of Cardiff.
Located off Dumballs Road near to the Cardiff Vale and College campus, the 54,000 sq ft One Canal Parade building is scheduled for completion in July.
And some 17,250 sq ft of the building is already under offer to a Cardiff-based business looking to expand.
And an undisclosed public sector organisation in London has also identified the remainder of the scheme – extending to 36,750 sq ft – for a potential relocation.
It is understood that Cardiff is on a shortlist with Leeds, Birmingham and Coventry to secure the relocation that will bring hundreds of new jobs.
One Canal Parade is being marketed by the Cardiff office of international property advisory firm Cushman & Wakefield, at £22 a sq ft per annum.
The scheme has been designed by Chris Waterworth Architects with construction being undertaken by BECT.
Rightacres is receiving funding support for the multi-millionpound project from Hodge Bank.
The deal was negotiated by Hodge Bank’s Paul Green.
He said: “For many years, Rightacres has been a highly-regarded landowner and property developer, and the Canal Parade scheme is the latest example of the care it takes to produce sustainable and innovative buildings.
“We are delighted to be partnering Rightacres in this project, which already has two floors under offer and significant interest in the remaining floors.”
Paul McCarthy, chief executive at Rightacres, said “Working with Hodge Bank on this project has brought a fresh approach to development funding.
“Their local knowledge and understanding of our market meant that we were able to swiftly and efficiently put the finance in place to deliver the scheme and we look forward to working with the bank’s commercial property team on future projects.”
Hodge Bank recently relocated to the One Central Square office scheme.