£13.5m Neptune Court cleans-up as Cardiff's most sought after office scheme

Neptune Court, the £13.5m new 90,000 sq ft campus-style office scheme nearing completion in Cardiff Bay by established South Wales-based developer Dovey Estates, has secured a string of new sales.

Just six units now remain within the second phase of the 26-unit office development at Ocean Way, with agents reporting strong interesting among potential occupiers. To date, Neptune Court has provided modern new office accommodation for almost 200 people.

A dozen office units ranging in size from 3,296 sq ft to 4,388 sq ft have been acquired to date by a range of occupiers.

Sales have recently been agreed with Lee Wakemans Quantity Surveyors, Roger North, Long & Partners Building Surveyors and Haines Watts Accountants. Dovey Estates confirms it is also in discussion with a major occupier to occupy more than 6,000 sq ft of space in a further two units.

Dovey Estates Chief Executive Mike Baroth said, “The response to Neptune Court has been superb, largely because it has provided a type and location of office environment that has not been on offer to businesses previously.

“The location is close to the city centre and has the advantages of being in Cardiff Bay, where there is plentiful parking and an excellent road network. For these reasons, Neptune Court has proved very attractive especially to owner occupiers,” he added. The scheme is also located within an RSA Grant Tier 2 area for qualifying occupiers.

Bryan Long, Partner at Roger North, Long & Partners, which recently moved to Neptune Court from its previous offices in North Road, Cardiff, said the new premises were perfectly suited to the needs of a professional practice.

The second speculative phase of Neptune Court is currently underway with joint agents Fletcher Morgan, EJ Hales and Lambert Smith Hampton reporting strong interest in the remaining six office units.

The buildings are available on circa 999-year ground leases at a peppercorn ground rental or on occupational lease terms.

John James, Director of Fletcher Morgan said: "Investors and occupiers have been particularly keen to purchase the units to take advantage of the attractive lending terms currently available to the market. There remains very strong interest among purchasers for commercial property of this type, as market conditions continue to be very healthy for commercial property purchase.”

Simon Watson-James of EJ Hales, said, “Neptune Court is experiencing continuing strong demand as Dovey Estates approaches the end of what has been a very successful development in the bay area, helping secure a significant number of jobs for Cardiff.”

Steve Matheson, of Lambert Smith Hampton, added, “The size and mix of units, together with the high quality of design and construction have made Neptune Court an outstanding development, which is reflected in the levels of sales and lettings secured to date. 

“The scheme is also located in area exempt from Stamp Duty which offers added tax benefits to both investors and occupiers.”

Dovey Estates is a member of the Cardiff-based Dovey Group that was established more than 30 years ago by current chairman Mr Leonard Dovey. It is currently engaged in a range of major commercial developments in South and South East Wales.