Tue, 19 Nov 2013 | COMMERCIAL PROPERTY
ITV Wales’ headquarters at Culverhouse Cross in Cardiff has been placed on the market, Wales Online has revealed.
Property adviser Lambert Smith Hampton has been hired to market the site for sale, which has outline planning consent for up to 250 new homes, though a full planning application for the site to be redeveloped for residential use was rejected by Vale of Glamorgan councillors in October.
The TV broadcaster has since lodged a planning inspectorate appeal, and could send a new planning application to the unitary authority.
The site, with its 17.59 acres of development land, is expected to gain bids of about £17 million from housing developers.
The 138,000 sq. ft. studio and office property at Culverhouse Cross is only half occupied at present, and has short-term leases with 35 tenants such as creative industry businesses. Costs to ITV Wales to maintain the property have led to losses of £800,000, despite the rent from its tenants.
ITV Wales will leave the 1980s built site in the summer 2014 and move into its new home – an 11,000 sq. ft. space with more up-to-date facilities at the 3 Assembly Square office site in Cardiff Bay.
Indycube, a South Wales-based community business that offers space and facilities for fledgling start-ups and self-employed workers, has made its interest in the site known. It wants to buy the property as it stands and bring in more tenants, rather than tearing it down.
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