Fri Feb 27, 2015 1:52 pm
I think the student housing will go ahead. There is a fair amount of supply, but I'm not sure its a glut. The Atrium is expanding further (app in for replanning the floors for the extension this week), as is Cardiff, and Cardiff Met. And the yields on these student projects look good. You can build cheaply. Get away without land for car parking. And actually charge fairly high rents for what is in effect just an en-suite bedroom, with shared cooking facilities. Its more than you get in rent for the equivalent square footage of apartment space - and cheaper to build. I guess maintenance is more.. but I think its fine.
On the wider scheme, I agree the buildings haven't been great. I was disappointed with 1 capital quarter. 2 looks nice - but lets see how it turns out. But as you say, I think this is very much a scheme that will need to be judged as a whole. Does it create good spaces? Is there a coherency to the architecture? I think it could work in this regard, but will show up the other side of Tyndall St as you say. The offices do look a bit tired, but they serve a purpose - cheap, relatively central space for occupiers that don't want (and can't afford) anything too fancy. Given Cardiff's economy, we can't expect them to be replaced any time soon.