Finance

New plans to redevelop Cardiff Arms Park


New plans to redevelop Cardiff Arms Park have been confirmed with a new company being established to drive the project forward.

Owner of the ground in the centre of the Cardiff and next to the Principality Stadium, Cardiff Athletic Club(CAC), is establishing a subsidiary company, Cardiff Arms Park Redevelopment Company Ltd.

It will have CAC members as directors, including Chris Nott, who use to represent CAC on the board of its tenant Cardiff Rugby, but has resigned from that role to lead the development company without conflict.

Funded by a group of CAC members a design team has been appointed to advise on the redevelopment options with a feasibility study having been commissioned.

Mr Nott, founder of Capital Law: “CAC will establish a development company and have formed a design team to review options for the redevelopment of the Arms Park. They will now undertaken a feasibility study and report back in a few months time.”

The design teams consists of property advisory firm Savills, architects HMA, planning consultants DPP and cost management consultants ChandlerKBS.

Mr Nott said the CAC wouldn’t be commenting on the type of redevelopment options envisaged under the completion of the feasibility study. However, BusinessLive has spoken to a number of property developers who see the potential for a major a mix-use development scheme on the north side of the ground, with potential for a new larger stand with corporate hospitality and banqueting facilities and a new sport-wellbeing themed hotel incorporated with in.

A redeveloped stadium could have a capacity of around 15,000, slightly higher than the existing ground’s.

Behind any new stand, where the stadium’s current smaller north side is located, there could be scope for hundreds of new apartments, office space and restaurants and bars. Any scheme would be more valuable if the Hotel Inn agreed to provide its current hotel site adjoining the ground for redevelopment This could throw up the potential for its operating a new hotel within the scheme.

Any chosen development partner[s] could finance the development with the backing of institutional investors like pension funds – attracted by long-term returns from the commercial developments, including potentially from built to rent apartments.

The CAC, which consists of its sporting sections of rugby, cricket, bowls, tennis and hockey, is also looking to agree a new three year lease with Cardiff Rugby. The currently lease with the professional rugby region expires next year.

The latest plans for the ground follow a failed attempt by Cardiff Rugby to secure, first mooted a decade ago, a new long-term lease with the CAC giving it development rights at the ground, with a view to seeing a new indoor arena, which could stage rugby matches, alongside other developments such as high rise apartments and hotels. However, that deal, with an initial offer of £10m to the CAC, failed to materialise.

Then three years ago the WRU tabled a £17m offer to acquire the freehold interest in the ground from CAC, although with no immediate plans to redevelop it. However, that offer was rejected by the management committee of the CAC.

Latest plans for the ground were revealed to CAC members at its recent annual general meeting.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button