Contracts have been completed between the Welsh Government and leading Cardiff Property Developer JR Smart for the sale of land in the heart of the Central Cardiff Enterprise Zone – paving the way for a prestigious new £100M vibrant, mixed use, development comprising office, hotel and residential uses.
The potential 250,000 sq.ft. development named John Street – Callaghan Square is set to create around 100 jobs during the construction phase with the capacity to accommodate/create up to 1000 plus jobs when completed.
Economy Minister Edwina Hart described it as an exciting new addition for the Enterprise Zone.
Mrs Hart said: “I am delighted to see the private sector is maintaining the momentum and continuing to invest in the Central Cardiff Enterprise Zone to ensure it delivers new jobs, attracts new investment and provides a great environment for business growth.
“JR Smart has made significant investment in the Enterprise Zone which is making a major contribution towards creating one of the UK’s premier locations for business, with a specific focus on the financial and professional services sector.
“Their plans for a mixed use development are very welcome and will enhance the overall offering for business, creating new high quality office accommodation while the hotel and residential elements will contribute to the overall vibrancy of the Business District.”
John Smart, Chairman of JR Smart said: “As a business we are passionate supporters of Cardiff as a location and we are delighted with this latest acquisition. We have been working hard and enjoyed good success on our neighbouring Capital Quarter scheme and see John Street as a natural continuation of this.
“The John Street site represents a key part of the Enterprise Zone and City Centre and we are currently working up some exciting plans for a mixed use scheme. We are aligned with the Welsh Government and Cardiff Council in ensuring that the growth and success of this key part of Cardiff continues to move forward.”
Knight Frank represented JR Smart on the acquisition.
Planning for the new development is anticipated to be lodged in 2016 with work on site planned for late 2016, early 2017.
This is the latest investment by JR Smart in the Central Cardiff Enterprise Zone. To date, they have completed 120,000sq.ft. of space which is occupied by Finance Wales, Network Rail, Balfour Beatty, Alert Logic, Equiniti and Brookfield Infrastructures, No2 Capital Quarter, an 85,000sq.ft. speculative office building which will be completed in Spring of 2016, as well as a £2.5m footbridge and 600 bed student accommodation. Once finished, the Capital Quarter Development will be worth circa £200m.
