Savills, on behalf of a private client, has completed the acquisition of St Line House in Cardiff Bay from the Welsh Government for £710,000. The property will be converted into residential use.
The property is a grand historical building that occupies a prominent position on the northern side of Mount Stuart Square. It comprises a Grade II listed mid-terraced, five storey office building with basement storage, providing a total of c.10,000 sq ft (928 sq m) of accommodation.
Mount Stuart Square originally formed a residential square with a central garden constructed in 1855 for merchants and sea captains. As the docks rose in prominence, wealthy residents moved out and it became a commercial centre with many of the existing properties being converted or redeveloped for office use. The construction of the Coal Exchange building in 1888 solidified the change in focus to commercial, and it became central to the coal trade activity in Cardiff docks for much of the early part of the 20th century.
The Coal Exchange closure in 1958 significantly reduced the demand for commercial premises on the square and the last two decades in particular has seen a significant transformation back to the squares traditional residential use.
The area is well serviced by public transport. Cardiff Bay Railway Station is just a short walk from the property and the Baycar bus service also provides access to the city centre running approximately every 10 minutes. There are also water taxi services providing services to the city centre and Penarth.
Nearby amenities include the Wales Millennium Centre, St David’s Hotel & Spa and Mermaid Quay.
Ross Griffin, Director in the UK Investment team at Savills Cardiff, says: “This is an attractive redevelopment opportunity for our client who will create a wonderful residential scheme in this beautifully presented building.”
Rhydian Morris, Director at JLL Cardiff, commented: “St Line House served its purpose as an office building for many decades, however the constant evolving office occupier requirements became challenging for this historical Grade II listed building with a redevelopment for a residential use being very appropriate.”