The Welsh Government has decided to acquire a commercial property scheme in Cardiff that will boost the Enterprize Zone and build new Grade A office space.
The £15 million deal will see the Government forge a partnership with JR Smart to acquire 80,000 sq ft of office space at the Capital Square project in Cardiff, falling into the main financial and business Enterprize Zone. This means that the Number 1 building will be occupied by March 2014.
Cardiff has faced a severe shortage of top-quality office space in recent years, meaning that little financial investment has been targeted towards the wider region. This shortage has also prevented small and medium enterprises (SMEs) from expanding/ At the moment, there is only Grade A space available to let at Assembly Square.
Once this current scheme is finished, there will also be an extra 75,000 sq ft of space being built on the same site.
According to Wales Online, a Welsh Government source said: “There has been some criticisms that the zone has been nothing more than a talking shop. However, the minister [Edwina Hart] and the zone’s board have been working extremely hard, underlined by this deal with JR Smart and agreement to bring much needed new grade A office stock to the marketplace.
“There is nothing better from a marketing perspective than showing to potential tenants fantastic new offices coming out of the ground, rather than artist impressions."
Beyond these scheme, there will also be a new bridge built over the railway line near the John Lewis store in order to offer pedestrian access. The bridge, which will cost £2 million to build, is set to be finished by next spring.
These are all part of a wider regeneration scheme that Cardiff will experience over the next few years.