| wales IN MY VIEW
ardiff continues to drive activity for South Wales with large scale office and student development, high profile transactions and further inward investment occupiers expected.
C Headline Owen Young
transactions within Cardiff include the Government Property Unit (GPU) signing up for 269,228 sq.ft in new offices at 6 Central Square, to be predominantly occupied by HMRC, and Cardiff
University taking
44,588 sq.ft at 2 Central Square. The area around Central Station is being transformed with the BBC headquarter building due for completion in 2018 and Hugh James Solicitors about to take occupation of the remainder of 2 Central Square (c100,000 sq.ft). Further sites are being prepared for mixed use development at the former Brains Brewery site and we believe there is developer interest in the
SOUTH WALES OVERVIEW
D
avid Ludlow reports that following the reluctance of Welsh Government
to force through the reduction in the number of Welsh Local Authorities they are now trying the regional working route. The existing two main regional groups are in South Wales, the City Region based around Cardiff which covers the ten south east Wales Local Authorities and Swansea which covers the city and Authorities to the west. Both regions have secured central government funds through City Regions funding bids. The principal spends in the south east are on the proposed Metro for the region and £37.9 million has already been allocated to the development of a semiconductor cluster based around Newport. The Local Authorities are now expected to be working more closely on economic development issues and the need for a regional approach in areas such as infrastructure and planning. An example of the planning changes is the land to the north of junction 33 which is now a major housing development. Growth at Cardiff airport continues following 12 consecutive months of increase in passenger numbers and the new link with Qatar airways.
52 by Owen Young, Partner and Head of Cardiff Office, Alder King
Government owned Callaghan Square site to shortly come to market. All in all, a rosy outlook for the city. Looking forward, improvements to infrastructure are going to play a pivotal role in the growth of South Wales. Welsh Government are about to take control of the Core Valley train lines and are out to tender for a new rail operator.
drive 158 acres of high quality mixed use development to compliment the current city centre offer.
...new stations with park and rides are being planned as part of the South Wales Metro and will include the privately developed station at Cardiff Parkway, St Mellons.
Furthermore, new stations with park and rides are being planned as part of the South Wales Metro and will include the privately developed station at Cardiff Parkway, St Mellons. Due for completion in 2020, it will
INDUSTRIAL ADVISER OF THE YEAR
Cardiff, won the national Industrial Adviser of the Year 2017 awards at this year’s Estates Gazette Awards. Knight Frank’s industrial agency team beat major competitors to win the award for the first time. The firm was judged to be the best in the UK by leading commercial property trade magazine Estates Gazette. Neil Francis, who heads Knight Frank’s industrial agency team in Cardiff said: “The result reflects the strength of collaboration between the firm's regional and London teams across both the investment and leasing sides of the industrial property business - a link that differentiates Knight Frank from its competition.”
C
This year has seen the Industrial team go from strength to strength, building on the record-breaking performance of 2015- 16 by setting new records in 2016-17, outperforming its competitors and winning market share in key industrial locations. In South Wales, Knight Frank has been involved in many of the region’s largest industrial transactions of recent times, including the letting of St Modwen’s new 50,000 sq.ft unit in Llanwern.
ommercial property consultancy Knight Frank, which has a regional office in
With definite progress on the M4 Relief Road and the future abolishment of the bridge tolls, the region will be far better connected to its hinterland and UK markets which will hopefully attract the higher calibre employees companies seek when looking to relocate. Newport is geographically best placed to benefit most from these improvements as it seeks to continue on from the development of the impressive Friars Walk shopping centre. We are finally starting to witness rental and capital growth in the industrial sector as a result of resilient demand and limited availability. Freehold properties are particularly popular especially those with yards. For example, in the last 5 months Alder King have sold 12,500 sq.ft on 3.9 acres at Hirwaun Industrial Estate; 7,500 sq.ft on 2.6 acres at Edwards Works in Llandarcy; 5,291 sq.ft with yard at Cyfarthfa Industrial Estate in Merthyr; 8,237 sq.ft on 1.3 acres on Penarth Road in Cardiff and 5,210 sq.ft with yard on Rhymney Riverbridge Road in Cardiff.
ST DAVID’S, CARDIFF C
ardiff is a thriving city boasting investment in rail links, four major schemes in planning plus the imminent launch of the £120 million BBC HQ. Central to the thriving capital is one of the UK’s premier retail and leisure destinations, St David’s, which has had another very successful year. St David’s has secured over 40,000 sq ft of new signings, openings and additions to the fashion, lifestyle and dining line up including Virgin Holidays, Lovisa, Oliver Bonas, MG, Bravissimo, Victoria's Secret, Kids around, CK Underwear, Caffè Nero and Kiehl's. Byron is also set to launch in early 2018. These latest additions build on the previous success at St David’s, adding to a compelling retail and leisure offer including Treetop Adventure Golf, Michael Kors, Seasalt, Victoria’s Secret and an upsized H&M. Alongside the new openings, existing dining and retail brands have also taken the opportunity to make significant enhancements at St David’s including YO! Sushi, TGI Friday’s and Dune, with all three launching store re-fits this year. Superdry has also invested in St David’s to create its first store with a dedicated Sports entrance.
COMMERCIAL PROPERTY MONTHLY 2017
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