News
Morley plans speculative development at
Cardiff Waterside
Plans for Cardiff Waterside have taken a major step forward with the news that Morley Fund Management has won planning permission for a 60,000 sq ft office scheme on Britannia Quay overlooking Roath Basin. Morley has confirmed that it will develop the new building speculatively and construction work will start in Summer 2007.
The next phase in Morley’s £140 million development at Cardiff Waterside, the building will be one of the most eco-friendly office schemes in South Wales. Designed by architects Scott Brownrigg and sustainability consultants Arup, the building has the potential to achieve a BREEAM ‘excellent’ rating.
The building will be a distinctive addition to the Cardiff Bay waterfront, with timber louvres and feature glazing creating a tapestry-like effect across the exterior of the building, highlighted by a free-standing brise-soleil screen. Inside there will be a full height atrium with staircase and lifts designed as a single sculptural form offering panoramic views across Cardiff Bay.
Commenting on the new building, Mike Luscombe, Fund Manager at Morley Fund Management says:
“This office building is the first step in the 550,000 sq ft development we are planning for Cardiff Waterside, so it is important that the building sets high standards in terms of design and sustainability. Cardiff Waterside has the potential to become one of the UK’s premier business locations and our decision to build speculatively underlines our confidence in the investment potential of Cardiff Bay.”
Joy McSmythurs, partner at Knight Frank LLP, which acts as investment and asset manager for the Cardiff Bay Partnership, wholly owned by Norwich Union funds says:
“There is currently a severe shortage of Grade A office space in Cardiff, so Morley’s commitment to speculative development and its decision to move ahead with this building is excellent news for Cardiff Waterside and for the city.
“At Cardiff Waterside we are aiming to provide buildings of international quality to attract employers and investors to the city. The progress we have made on this first building means that we have taken an important step towards turning these plans into reality.”
ENDS
For further information please contact
Caroline Melvin on 0117 946 6654 or
Caroline Harris on 0117 944 1415
Notes to Editors
Morley Fund Management
Morley Fund Management Limited is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £165bn (€246bn) from offices around the world as
at 31 December 2006.
Morley manages both institutional and retail funds. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand and in Europe under the Aviva brand.
The property team manages in excess of £29bn (€44bn) of UK and European property assets, making Morley the largest property fund manager in Europe.
Awards
•2006, Best Performing Insurance Company Life Fund, IPF/Estates Gazette Property Portfolio Performance Awards (three years > £1bn)
•2006, Property Fund Manager of the Year,
Pensions Management Awards
•2006, Property Fund Manager of the Year,
Property Week Awards
•2006, Outstanding Company of the Year Award,
CEE Real Estate Quality Awards
•2006, Investor of the Year Award, CEE Real
Estate Quality Awards
•2005, UK Pensions Awards Property
Manager of the Year
•2004, Property Week Fund Manager
of the Year Award
•2003, Property Fund Manager of the Year,
Pensions Management Awards
The property team consists of 70 investment professionals and manages a range of funds on behalf of institutional, pension and retail clients. Morley has been at the forefront of innovation in property fund management and has launched eleven specialist sector based funds with partners, including: Igloo Regeneration Fund, Quercus Healthcare Property,
The Junction and The Mall.
Further information about Morley Fund Management can be found at www.morleyfm.com or www.morleyproperty.com
Morley is a business name of Morley Fund Management Limited, registered in England No. 1151805. Registered Office: No. 1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK by the Financial Services Authority and a member of the Investment Management Association.
Morley is also a business name of Morley Fund Services Limited and Morley Pooled Pensions
Limited. All are Aviva companies.
Contact us at Morley Fund Management Limited, No. 1 Poultry, London EC2R 8EJ.