Thu Mar 03, 2016 7:51 pm
I doubt they are starting building down at Cardiff Waterside. Thems are big sites - I think the minimum size requirement they would build for would be about 50,000 square feet. I'm not sure there are any of that size that would be considering the bay at the moment.
About the only way I can see the rest of Capital Waterside coming to fruition is if one or more of the following happens:
1) The council sell county hall and build a new HQ there (quite unlikely)
2) The WG are able to sell their Cathays Park offices to the University, and build new offices there (more likely, but still unlikely)
3) We get a large occupier who cares most about a 'nice' location as opposed to be a particularly convenient one for transport.
I think theres actually more of a risk of further voids in the estate. Quite a few of the occupiers are in the financial services industry and the area is outside the Enterprise Zone. I think as leases come up for renewal, if there is space in that zone, some of the occupiers may move.
If I were Aviva, I would be trying to think of ways to diversy my risk - bringing in a hotel, or residential, or something else.