Recently in South Wales Category

Newport has finally started to find its feet. The news last week that Queensberry had signed its leisure anchor for the £100m Friars Walk scheme in Newport seems to say regeneration is at last beginning to take it's first faltering steps.

As revealed by EG in this week's magazine Cineworld will anchor the leisure part of the scheme with an eight-screen cinema. There's a sparkly new picture of the scheme above and below is how almost the same view point looks today. Debenhams has already signed as the retail anchor and with the incredibly acquisitive cinema operator now taking space it hints that the occupiers haven't given up on Newport.

One agent said that it won't be long before Marks and Spencer makes a reappearance in the town. The retail closed down it's city centre store WHEN in favour of an out of town location, but that could all be about to change. Queensberry have said in the past that they are in still in a dialogue with M&S and it would be mad not to.

But what really gives everyone hope is the fact that Queensberry says it is in "advanced talks" with national operators for the ten restaurant units and has agreed terms with its main fashion anchors. An announcement on the latter is expected very soon.

Newport is still too often the butt of too many jokes. But if, as promised, the developer can nail those retailers then the pundits are going to have to find a different punchline.

There's no disputing that it is a landmark building but it is tired, worn and Admiral which occupy the lion's share of space in the tower, are due to vacate for it's shiny new headquarters (£) in under three years. So why would you buy a building where the triple A covenant is about to leave?

Local agents are in two minds. Some think (probably hope) that Admiral will stay in the building as the insurer continues to expand. However, industry experts say that the insurance market is now slowing and expansion plans at Admiral have become more modest than they were.

So, that leaves letting the space. Here, the agents are split. Some, such as Peter Graham, director at Stephenson Alexander, think it would be a long hard slog to let the building floor by floor. Others such as Mark Sutton at Knight Frank, believe that's where the market is. Both agree that finding a single occupier for up to 80,000 sq ft would be a tall order in the current market.

But, with Topland Estates currently looking to retain an agent for the building nobody is prepared to rule it out and potentially talk themselves out of a juicy commission.

The market's tough but there are a worse things than spending a Friday drinking Peroni. That was the verdict from guests at EG's annual Cardiff reception last Friday.

Around 60 of Wales' property's finest enjoyed the food and free flowing booze at the Park Plaza hotel.

But worries about the market weren't far from their mind. 'We're one away from getting out the Yellow Pages and ringing up people and asking "do you want a shed?"' quipped one. That said there's plenty to keep them busy. With the fate of the convention centre due to be decided, the BBC poised to decide on its 140,000 sq ft requirement and agents about to be announced for Capital Tower it probably won't be dull.

Click on the slide show above to see pictures from the event. The synopsis for EG's Wales Focus released at the reception is available here.

Pictures by Alistair Heap

Offices
Analysis of the market conditions and future prospects.
Nadia Elghamry, deputy regional editor, 020 7911 1849, nadia.elghamry@estatesgazette.com

Newport
What's the outlook for development?
Jack Sidders, Wales & South West news correspondent , 020 7911 1810, jack.sidders@estatesgazette.com

Politics
Analysis of key changes in Wales' political scene
Mark Simmons, freelance writer, 07787 561032, msimmons@sourceform.co.uk

Swansea
Analysis of market conditions and prospects
David Thame, freelance writer, 01544 262 896, dthame@clara.co.uk

Industrial
Analysis of key projects and future prospects
Karen Day, group online editor, 020 7911 1894, karen.day@estatesgazette.com

Market health check
If you think you can provide up to date stats (up to end of Q3) for Cardiff, Newport and Swansea offices, industrial and retail email stacey.meadwell@estatesgazette.com

Related articles

• Queensberry talk lettings and financing in Newport (estatesgazette.com)

It cost the council £15m to walk away from Modus in Newport. The developer had been planning a £200m retail led scheme in the city centre. Judging by the look on Newport city council's corporate director Sheila Davies' face, it was a tough but very good decision. 

It seems Cardiff's LDP has been leaked to the Welsh press.

Wales Online has a story up which outlines in quite a lot of detail what's going on and where. There's still no official word from the council but I've heard the it has, at least verbally, agreed that the detail is correct. 

The LDP has been so heavily delayed and there's been a real battle over Greenfield release (we and others have talked about this before). The growth option they've eventually opted for at 45,000 new homes between now and 2026 is the middle of the road option (the highest option called for 54,400 homes) and is actually less than than the Welsh Goverment's housing projections for Cardiff. 

Nobody wants to go on record (there are some very lucrative property and development deals to be done here) but as one pointed out, 'they'll have to justify using this lower figure to the Welsh Government...there is a real prospect that the final housing numbers may actually need to be higher than this. 

Cardiff's argument is that housing numbers should be looked at on a regional basis rather than them being left to pick up the numbers others don't want because they are the last to produce their plan. 

Generally the property industry seem pleased that Cardiff - at last, eventually - appear to be grasping the nettle, one they've been avoiding since it became clear in February 2010 that the previous draft of the LDP was going to be thrown out. But, they warn, this is just the preferred strategy, with member and public views on this being sought in October and December respectively. 

This is the real crunch time. At this point the vision will come under intense scrutiny and the resolve of Cardiff Council to build 18,250 homes on Greenfield sites will be really tested. 

To add fuel to the fire, the Independent Advisory Group appointed by the Welsh Government to report on future options for the delivery of the planning service are also due to report back in October. This may see revisions to the entire plan making process in Wales, potentially giving Cardiff the opportunity to scrap the plan again.

So while most are relieved that Cardiff does at last have a plan they're still left hanging. As one put it: ' This is merely the start of what I suspect will be a hugely emotive debate, which unfortunately, I am not convinced will end up looking like the current plan.'

If it doesn't there is the threat Cardiff will still not have an adopted plan by 2020. 

Savills and Stoford were crowned Wales and South West's property finest at the EG regional awards yesterday. At a sumptuous lunch at Cardiff's Parc Hotel for RICS Wales awards, the pair picked up gongs for property adviser and property company of the year Wales and South West.