Cooke & Arkwright
News
Business Park success leads to search for more land
16/07/05
Caerphilly Business Park, a 100,000 sq ft development on the eastern fringe of Caerphilly and one of the most successful office schemes outside Cardiff, has announced the completion of a further 21,500 sq ft at Phase 3, of which 6,500 sq ft has already been pre-let.
Mike Wallace, property director at WCR Ltd, the company behind the scheme, said that space had been pre-let on a regular basis since the development was first established. “With each phase being acquired by tenants prior to completion, expansion of the park has continued on a speculative basis,” he said. “We have been delighted by its ongoing success and the business opportunities it has provided. Part of the reason for the Scheme’s success is the unique range of on-site facilities, including a hotel, crèche and restaurant, whilst Caerphilly town centre is within walking distance.”
Almost 700 people are employed on site by National Britannia, Creditsafe, The Employment Service, The Welsh Assembly’s Health Commissioners and The Welsh Healthcare Inspectorate, as well as the latest tenants, another health service organisation due to move in shortly.
Cooke & Arkwright and DTZ are joint letting agents at the park. Ben Bolton of Cooke & Arkwright said, “This is a high quality development in an Objective One area, very well placed with good road and rail links. Tenants are increasingly looking for space outside the city centres and Caerphilly Business Park offers excellent facilities. Its success is underlined by the fact that there was no vacant space available on-site before this phase was completed and a sizeable portion of that has already been pre-let. With active interest in the space remaining, we expect that the park will be fully occupied in the near future.”
Mr Wallace said that work on the final 2,500 sq ft of the scheme, known as Phase 3B, would commence immediately and was expected to be completed before Christmas. “We will shortly have exhausted the space available on this site,” he said, “The level of demand indicates a need for further facilities in the area and we hope to be able to provide that.” He revealed that WCR was looking to acquire further development land in the vicinity. “Negotiations for a nearby site are at an advanced stage and we expect to make an announcement very shortly,” he said.