£22 Million Investment To Benefit Cardiff’s Callaghan Square

Cardiff’s 1 Callaghan Square development is set to benefit from an extensive refinancing package allowing the 94,000-square-foot office space to undergo refurbishment. Provided by London Wall, the package, worth £22.2 million, will pay for a complete overhaul of the structure in order to provide a sustainable and modern space for the occupiers, including Eversheds Sutherland. 

With an LTGDV of 65% and a 24-month term, this commercial development project holds a lot of promise for this key area for Cardiff’s city centre. 

Located close to the city’s main railway station, Callaghan Square is one of Cardiff’s most important civic spaces, connecting the centre of the city to the boulevard leading down to Cardiff Bay. This large public plaza was once called Bute Square, and didn’t take its current name until 2002 when it was renamed in honour of the UK’s former Prime Minister Lord Callaghan, who was also the MP for Cardiff South and Penarth. 

The building at 1 Callaghan Square was the first office building of the MEPC property company’s commercial office scheme for the area to be completed. When it opened in 2022 it was called No 1 Bute Square and it represented the first phase of the project. The building forms a central element of the crescent to the north side of Callaghan Square, with its design being intended to set the gold standard for the future developments on the site, thanks to this 

Its main elevation boasts a sweeping curve which is articulated by an enormous order of reconstituted rectangular columns made from Portland stone. These columns mark the double storey-height public colonnade’s open side which extends along the building’s full length, the paving of which was designed in conjunction with Lilian Roosenboom, a talented artist. 

Although the building has been in use for two decades, it is regarded still as one of the city’s best HQ office buildings. In 2009, it was acquired for £20.35 million on behalf of a Cordea Savills-managed European Commercial Property Fund by Clay Street, and it was under full occupation by Eversheds LLP until April 2022 when its leases expired. 

The new refurbishment project will see some impressive changes to the building, including upgrades to the facilities and office accommodation and an extension to the double height reception to provide a coffee bar, concierge reception, meeting booths, and a meet and greet seating area. 

The investment in 1 Callaghan Square will serve to enhance Cardiff’s reputation as one of the top business locations in the UK and will serve to attract more big-name organisations to join those that have already established themselves in the city, including Legal & General, BT, Zurich, and Admiral Insurance. 

It will also bring Cardiff’s city centre prime Central Business District up to date by providing a contemporary A Grade office facility that is perfectly positioned and well-equipped to stand out from the crowd in the world of modern business well within comfortable reach of the Welsh capital’s amenities and transport links. 

Talk to LWLending if you are looking for more information on a Cardiff development loan.