Central Square in Cardiff is closing in on securing its first major letting since Legal & General Capital bought into Rightacres’ £400m regeneration scheme last September.
Car finance company MotoNovo Finance is in exclusive talks to take 70,000 sq ft at One Central Square. It is due to sign a 10-year lease at the 135,000 sq ft first phase of the project. Quoting rents are £24 per sq ft.
The South African-backed company is moving from Lambourne Crescent in the north of the city and is more than doubling its current occupation.
One Central Square is due to complete next month. Less than 25% of its space is still available.
At 2 Central Square, L&G and Rightacres are also close to securing the Cardiff School of Journalism. It is in advanced talks to take 30,000 sq ft and will be the first tenant to commit to the 100,000 sq ft building, which is due to complete in 2017.
The lettings are a further boon for Central Square, which last year saw the BBC commit to a new 150,000 sq ft headquarters that is scheduled to open in 2018.
Legal & General is providing the capital to develop Central Square. Once the 12-acre scheme is fully completed it will total 1m sq ft of commercial and residential space including 450 flats and a 200-bedroom hotel.
Additional development in the area is also progressing with Rightacres buying a plot to the south of Central Square earlier this month. It paid Fusion Point Development £1.5m for the Fusion 3 site, which has consent for a 44,000 sq ft office building.
Cooke & Arkwright is advising MotoNovo and Cardiff School of Journalism; Savills and Cushman & Wakefield are leasing agents at Central Square.
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