Work is under way on one of the biggest speculative office schemes seen in Cardiff.
A 107,000 sq ft grade A office building, which will accommodate 1,100 staff, is being constructed at one of the few remaining prime development sites in the centre of Cardiff, at John Street.
It is the latest project from property development firm JR Smart, which has already delivered and let 370,000 sq ft of offices at its adjacent Capital Quarter scheme.
Work on the 10-storey building is scheduled for completion by the first quarter of 2021.
The first phase development at John Street, which is located at Callaghan Square, will have floor plates of 13,000 sq ft and will include a coffee shop and tenant’s business lounge.
The rooftop terrace will provide tenants with views across the city and beyond. Cardiff-based and family-owned JR Smart has delivered more than three million sq ft of office and industrial buildings in the Cardiff area.
Its seven acre Capital Quarter, across its four office buildings, has tenants including Admiral, WSP, Geldards, Optimum Credit. Public Health Wales,Opus Energy, Alert Logic, Sky and Which? Publishing.
By the end of the year more than 3,000 people will be employed at Capital Quarter.
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A groundbreaking ceremony at John Street was attended by leader of Cardiff Council Huw Thomas, Economy and Transport Minister Ken Skates and managing director of JR Smart, Alex Smart.
Mr Smart said: “With work now under way at John Street, this new development will deliver fantastic new office accommodation in the heart of Cardiff’s Central Business District in 2021, accommodating more than 1,100 people and, importantly, the majority of sub-contracts will be awarded to local businesses.”
Mr Thomas said: “It’s always exciting to see our city centre growing and developing. These new offices on John Street will hold a prime position on Callaghan Square and
"I'm sure they will help kick start more much needed development in the surrounding area. JR Smart have always had the courage to build speculatively and it’s great to see the faith they retain in Cardiff - a faith that is well warranted.
" These offices will deliver more of the jobs the city needs, ensuring Cardiff continues to thrive, offering work opportunities for residents and workers in the surrounding region.”
Mr Skates said: “High quality office accommodation is vital to the success of the Central Cardiff Enterprise Zone, and to retaining and attracting valued employers to the region. I’m pleased that JR Smart is once again investing in the heart of our capital city and building on a speculative basis.”
Property consultancy Knight Frank have been appointed as letting agents at John Street. Mark Sutton, partner in Knight Frank’s Cardiff office agency team, said: “Following a record period of office take-up there is a real scarcity of prime space in Cardiff city centre, with supply levels at an all-time low.
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"The development of John Street is perfectly timed and will deliver the superb city centre office space on Cardiff’s best development site."
Cardiff city centre office take up was 685,640 sq ft in 2016, 703,926 sq ft in 2017, and 499,000 sq ft in 2018. Strong performance in 2019 has continued with 150,000 sq ft transacted in Q1.