MEPC is poised to net the first tenant for its 52,500 sqm (565,100 sq ft) flagship Bute Square development, Cardiff’s largest-ever speculative office scheme. Both BT and Eversheds are tipped as frontrunners in the battle to take the first 9,290 sq m (100,000 sq ft) chunk of office space at No 1 Bute Square.
MEPC’s Stephen Vaughan confirmed the speculation: “It’s fair to say BT and Eversheds are frontrunners for the space. We’ve made presentations and given an indication of financial proposals to both companies. We want a deal signed before Christmas.”
BT is known to be scouring Cardiff and the UK for suitable sites to house its Workplace 2000, new-format, regional headquarters. The telecoms company has a long-running requirement for Cardiff and has been linked to several schemes, including the Sports Village and Cardiff Bay.
Eversheds has also been linked with a range of schemes in the city.
A source close to the deal said: “These companies are leading the race for the space, along with other interested parties. The scheme’s over-subscribed in terms of interest already. The whole of the north and west side of Bute Square will end up being prelet, which comes to well over 0.25m sq ft.”
MEPC has already appointed architect Holder Mathias Alcock to design the second phase of the scheme. Building work on the 13,479 sq m (145,000 sq ft) initial phase is three months ahead of schedule and completion is due in February.
Last week, Bute Avenue, the road linking the centre of the city with Cardiff Bay, was officially opened by First Secretary Rhodri Morgan.
King Sturge and Knight Frank are letting agents for the scheme.
EGi News 11/10/00
