- Posts: 881
- Joined: Tue Jul 15, 2014 10:50 pm
http://planning.cardiff.gov.uk/online-a ... APR_116841
Thought I would set up a special topic for this major development.
I really like it. I think the darker cladding works better here than on the Customhouse Street development given the additional glazing, the paler, lower elements, and oddly, the more blocky robust shape.
I think this is definitely aimed at HMRC - 3,600 staff is, I think, what HMRC plan to base in Cardiff (not sure where the 5,000 figure comes from). I reckon there is quite intense competition between JR Smart with this development, and Rightacres, with "the Interchange" to bag HMRC. I imagine Rightacres are selling their incredibly well connected location, directly adjacent to or above the main public transport nodes of the city. JR Smart will be selling a lower rental cost.
Its interesting that both Central Square and Capital Quarter have been doing well, despite quite different strategies. Central Square has been positioning itself as the best located, highest spec, location - and hence going for premium rents of up to £25 a square foot. At least until now, JR Smart has been making do with around £19 - 20 at Capital Quarter, going for occupiers who want modern, flexible, well-specified space, albeit a bit further away from transport, and not quite so "nice". Both have been successful.
My money is on JR Smart bagging HMRC for this site though. I think Central Square is probably strong enough that Rightacres would not feel obliged to compete too hard on rents. They can always pare their office element back and boost their residential and/or hotel element - options less attractive on this site, I'd imagine. And I think HMRC if being asked to pay say £23 at central square, or £19 at John Street would pick the latter. £4 a square foot on 300,000 is £1.2 million a year - not to be sniffed at!
Thought I would set up a special topic for this major development.
I really like it. I think the darker cladding works better here than on the Customhouse Street development given the additional glazing, the paler, lower elements, and oddly, the more blocky robust shape.
I think this is definitely aimed at HMRC - 3,600 staff is, I think, what HMRC plan to base in Cardiff (not sure where the 5,000 figure comes from). I reckon there is quite intense competition between JR Smart with this development, and Rightacres, with "the Interchange" to bag HMRC. I imagine Rightacres are selling their incredibly well connected location, directly adjacent to or above the main public transport nodes of the city. JR Smart will be selling a lower rental cost.
Its interesting that both Central Square and Capital Quarter have been doing well, despite quite different strategies. Central Square has been positioning itself as the best located, highest spec, location - and hence going for premium rents of up to £25 a square foot. At least until now, JR Smart has been making do with around £19 - 20 at Capital Quarter, going for occupiers who want modern, flexible, well-specified space, albeit a bit further away from transport, and not quite so "nice". Both have been successful.
My money is on JR Smart bagging HMRC for this site though. I think Central Square is probably strong enough that Rightacres would not feel obliged to compete too hard on rents. They can always pare their office element back and boost their residential and/or hotel element - options less attractive on this site, I'd imagine. And I think HMRC if being asked to pay say £23 at central square, or £19 at John Street would pick the latter. £4 a square foot on 300,000 is £1.2 million a year - not to be sniffed at!