Rightacres Property buy vacant Wood Street site for £2.8m

March 20, 2013 No Comments »
Righacres Property have bought the vacant site off Wood Street.

Rightacres Property have bought the vacant site off Wood Street.

A prime slice of city centre land has been snapped up by a property developer in a multi-million-pound deal.

The Wood Street site, close to Cardiff train and bus stations – and which once housed the planning offices of Cardiff council – was bought by Rightacres Property in a deal understood to be worth £2.8m after going back on the market in January.

The one-acre site also attracted competing bids from Cardiff council and the Welsh Government.

The latter recently acquired four acres of yet-to-be-developed land at the Callaghan Square office scheme from MEPC for £7.2m. The Welsh Government is looking to develop 100,000sq ft of grade A office space at Callaghan Square itself – which could potentially be boosted by an additional 300,000sq ft.

Meanwhile, the Wood Street site already has planning consent for two hotels.

Rightarces chief executive Paul McCarthy said the site could support up to 250,000sq ft of mixed-used development, including potentially 100,000sq ft of offices.

He said the firm would first consider the scale of Welsh Government plans before deciding on the office scheme element of any developments on its acquired site, which would need planning consent.

Prior to the Wood Street site being put in the hands of receivers, it was owned by Urban Solutions. It acquired the site from the council in 2003 for £2.5m, after the original office buildings were demolished.

It subsequently received planning consent for a £50m residential scheme for nearly 250 apartments to include a 32-storey glass “needle”, known as the Seren, in 2005.

Last week it was confirmed that Rightacres has been appointed developer for a new £45m campus for Cardiff & Vale College on land it owns off Dumballs Road in Cardiff.

The family-run firm has also previously developed offices and hotels at sites including Callaghan Square where it has developed buildings for clients such as British Gas, Lloyds TSB, the AA and Arriva Trains.

Rightacres’ chairman Michael McCarthy said: “We are extremely proud to have been involved in the regeneration of Cardiff through the delivery of key strategic sites such as Callaghan Square and hope to continue to play a key role in the future development of the city at Central Square.

“We will be working closely with Cardiff County Council to maximise their investment and ideas for new transport links, digital connections and infrastructure to help Cardiff become a leading international destination for new visitors and businesses.”

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