UK: Property developer Rightacres has revealed £25 million plans to transform an empty office scheme in Cardiff Bay into serviced and BTR apartments.
The Cardiff-based company plans to repurpose the Scott Harbour scheme to provide 30 serviced apartments and 70 BTR properties. After receiving planning consent work on the scheme, construction is expected to start in the third quarter of this year with the first apartments ready in late 2024. Scott Harbour consists of a number of separate buildings including Emperor House and Discovery House.
The development will provide a new 120,000 square foot headquarters for L&G’s financial services operations in Cardiff and a new bus station operated by Transport for Wales. The entire project is expected to be completed in the spring of 2027.
If planning is approved by Cardiff Council, Rightacres will acquire the scheme that extends in 90,000 square feet from Global Mutual. The asset currently forms part of the firm’s wider Cardiff Waterside property portfolio in Cardiff Bay.
For apartments, one night to six months stays will be available with build to rent properties having longer durations. The scheme will also provide 10,000 square feet of coworking space, a cafe, a roof top terrace a gym and Peloton studio.
The service apartments will target customers from the creative industries sector due to production studios of the BBC and Bad Wolf being close. The development will also provide a rehearsal room and screening studio for the creative industry.
