Lloyds TSB finance division Black Horse is poised to sign up for one of the largest ever prelets in Wales.
It has its sights set on a 170,000 sq ft (15,930 sq m) speculative office scheme earmarked for Cardiff by local developer Rightacres.
Experts believe that a prelet for St William House could be the first deal in Cardiff to hit £20 per sq ft.
The financial services giant wants to move from its office in Newport Road and looks to be the favourite to relocate the new St William House development in the citys historic Butetown district.
The Lloyds TSB requirement follows its acquisition of the Chartered Trust division of international finance group Standard Chartered last year. DTZ is advising Lloyds TSB and is understood to favour the Rightacres building, designed by the Cardiff office of Capita.
St William House will be built on the former Novacold Coldstores site at Dumballs Road. It will be the largest speculative office scheme in the city since MEPC started building its 500,000 sq ft (46,500 sq m) Bute Square site last year.
Rightacres director Paul McCarthy said: “Cardiff has missed out on attracting new businesses in the past because of a lack of available quality office stock. Many investors want to be up and running in a short space of time, which will be the case with St William House.”
Construction is likely to start next month with completion expected by March 2003. Fletcher James is the letting agent.
Rightacres, a family concern headed by the elusive Mike McCarthy, has put together a string of office developments in Cardiff in the past 10 years. Most recently it developed a 51,000 sq ft (4,739 sq m) call centre for the AA, a stones throw from St William House.
EGi News 15/12/01
