Changing face

Business Editor Sion Barry on the big office and residential schemes reshaping the centre of Cardiff

THERE cannot be many UK cities outside of London with as many commercial development projects under construction or planned as Cardiff.

From the Central Square to Capital Quarter regeneration schemes, current projects will create a huge wave of much needed new grade A office space; which is needed not just for indigenous firms looking to expand but also for attracting new inward investment into the capital, particularly in financial and professional services.

And there are a number of large scale residential projects planned for the city centre too.

So here’s a guide to what is under construction and what is in the development pipeline. Work will started this week on a new £120m HQ for BBC Cymru Wales at the Central Square scheme, which eventually will see one million sq ft of new office, residential and retail space built immediately in front of Cardiff Central Train Station.

The BBC, which has confirmed the land sale of its current Llandaff site to Taylor Wimpey in a deal believed to be worth around £20m, will relocate 1,200 staff into its new HQ in 2019.

And in a major boost to Central Square, which is being developed by Rightacres Property, L&G is investing £400m into the scheme.

The BBC has entered into a 20-year lease, with five yearly retail prices index linked rent reviews, on its new HQ with L&G Retirement’s annuity fund.

The initial rent is believed to be around £25 a sq ft per year. As is standard in deals of this scale, BBC Wales will have the first three years rent free.

071215BUS_005 Andrew James > Work starts on the regeneration of Cardiff Central Bus Station where a new development called Central Square will be built

> An artist’s impression of what could be Wales’ tallest building. Standing more than 132m (433 ft) high, the building south of John Lewis would be home to around 450 students.