Bailey Investments has acquired the 27-acre (11ha) Celtic Gateway Business Park, Cardiff Bay, from Stonemartin for an undisclosed sum.
Bailey Investments is owned by Cardiff developer Paul Bailey, co-founder and one-time director of TBI.
The park includes a 60,000 sq ft (5,575 sq m) first phase, let to NTL as a regional headquarters, and the 28,000 sq ft (2,601 sq m) Global Link building, which recently came close to attracting Australian-owned financial services giant AMP as an occupier.
Bailey plans to develop a courtyard office scheme at the site, comprising units of between 3,000 sq ft (279 sq m) and 10,000 sq ft (929 sq m).
Bailey said: “Owner occupiers have already agreed to purchase 50% of the first phase, with strong interest from small pension funds and professional practices who find it better to invest in their own property rather than pay rent.”
Stonemartin has been keen to unload the park, a joint venture with TC Corporation, for several months.
Stephenson & Alexander and Knight Frank are the park’s joint agents.
EGi News 05/12/02
