The last remaining prime waterfront land sites for development in Cardiff Bay have been acquired by Rightacres Property. The Cardiff-based property development firm has acquired the connected wasteland parcels of land (known as 1 and 2 Assembly Square) and located adjacent to the Senedd building, from financial services giant Aviva.
The value of the deal has not been disclosed, but is understood to be in the region of £4m. Property advisory firm Knight Frank acted for Rightacres Property on its acquisition. The land, which has outline planning consent for 180,000 sq ft of office development, extend to 1.2 acres.
Rightacres’ chief executive Paul McCarthy wouldn’t be drawn on what could be developed on the land. However, due to their waterfront location and current market sentiment making new office development more challenging, it is likely to be a residential scheme where the built to rent market in particular is attracting strong investor interest.
