Rightacres is to speculatively develop a 100,000 sq ft office block at its Capital Square scheme in Cardiff after securing the BBC as a major occupier.
BBC Cymru’s decision to take 150,000 sq ft at the central Cardiff development has prompted Rightacres to bring forward plans for the eight-storey 2 Capital Square simultaneously.
It will sit between the BBC HQ, the Millennium Stadium and the 130,000 sq ft 1 Capital Square, which was approved last month.
A masterplan is now also expected for seven or eight additional towers that could total 1m sq ft of office-led space, as well as flats and leisure elements.
It is hoped that plans for the new spec scheme will be submitted by October, with starts on site by June 2015, in time for a September 2016 delivery date. The entire project is due for completion by 2019.
The BBC agreed a 25-year lease at £25 per sq ft for its new building at the Rightacres site. Cardiff council spent £20m on a string of site acquisitions in 2013 to clear the way for the mega scheme after forming a joint venture with Rightacres.
Rightacres chief executive Paul McCarthy said: “The BBC’s decision gives the whole project confidence – tenants that were considering the scheme are now coming out of the woodwork.”
Chris.Berkin@estatesgazette.com
