The Welsh government has reversed its decision to develop a major office block in Cardiff and has put the site up for sale.
Knight Frank has been appointed to market the four-acre site on the south side of Callaghan Square, where there is planning consent to develop 90,000 sq ft of offices.
The site, on the outskirts of the city centre near Cardiff Bay, was bought by the government from MEPC for £7.2m in 2013 as it sought to kick-start the city’s then-sluggish office market.
The government had intended to develop the project speculatively in order to provide modern office space and so attract inward investment and retain businesses within the city.
However, the prospective move was criticised as providing competition to the private sector and was put on hold.
The Cardiff office market, along with the wider Welsh economy, has since recovered, as has the supply of development finance, obviating the need for public sector-led development.
