Update on plans for Wales' largest new office with building work end date in sight
Update on plans for Wales' largest new office with building work end date in sight
Thousands of staff at banking giant Lloyds are due to move into the building next year
The huge building will be home to 3,000 employees of Lloyds
The largest new office scheme in Wales has secured a £15m loan from the Cardiff Capital Region to complete construction work.
Family-owned property development firm JR Smart has been backed with funding from the city region's Strategic Premises Fund for its 114,000 sq ft Cardiff city centre John Street 10-storey office scheme.
Last year Lloyds Banking Group agreed a long-term lease to occupy the entire building. While the external structure is completed it still requires significant internal work such as mechanical engineering.
Lloyds has agreed a 15-year lease, with a break after 10, at just under £30 per sq ft. The new headquarters building for Lloyds will be able to accommodate 3,000 staff in various teams providing customer service and support services to many parts of the group.
JR Smart is expected to complete work on John Street this December, which following a fit-out will see Lloyds taking occupancy of the entire building in the summer of 2026.
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Welsh Government cabinet secretary for economy, energy, and planning Rebecca Evans said: "This investment in new office space at John Street in Cardiff will support key priorities such as business growth and regeneration for the regional economy.
"We continue to actively explore opportunities to work collaboratively with the Cardiff Capital Region in order to deliver significant economic benefits."
Wales Office Minister Nia Griffith said: "I am very pleased to see the UK Government's investment in the Cardiff Capital Region. This will help to deliver on our economic growth mission, a vital part of our plan for change.
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"This development, along with improved transport links, will provide fantastic facilities to encourage businesses to base themselves in Cardiff and to expand, helping to create new jobs and put more money in people's pockets."
Andrew Morgan, leader of Rhondda Cynon Taf County Borough Council and the city region's portfolio lead for the Strategic Premises Fund, said: "This investment plays its part in further developing exciting and environmentally sustainable office space that national brands wish to take up, adding to the long-term inclusive growth in our region. Our vision to connect communities, services and businesses continues to develop and our interventions in office space and transport links have a key transformative role."
The £50m Strategic Premises Fund from the city region, made up of the 10 local authorities of south-east Wales and funded by its now nearly fully committed £1.2bn City Deal from the UK and Welsh governments, is evergreen with interest and capital from loans made reinvested to back other building and infrastructure projects.
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