New lease of life for heritage buildings beckons as Cardiff Council moves forward with plans for Merchant Place and Cory’s BuildingsFebruary 14, 2021
With the historic, but unused, buildings now in the ownership of Cardiff Council, by appointing prominent city agents Avison Young and Knight Frank to market the property, a brighter future for this important landmark is being signalled.
Situated in the heart of Mount Stuart Square, close to the Wales Millennium Centre and the Atlantic Wharf development, Merchant Place/Cory’s Buildings have been empty for over 10 years.
The 0.5 acre site is located in the historic core of Cardiff Bay, bounded by Bute Place to the south, Bute Street to the west and Lloyd George Avenue to the east. Merchant House, the former Post Office, is a Grade II listed building dating from 1881, and Cory Chambers is an ornate five storey property dating from 1889.
Councillor Russell Goodway, Cabinet Member for Investment and Development, Cardiff Council, said, “With Cardiff Council’s ambition to establish Cardiff Bay as a premier UK visitor destination, to attract more visitors to Cardiff, and to provide jobs and opportunity for local people, I am optimistic for the future of Merchant Place/Cory’s Buildings.”
The properties sit directly adjacent to the Atlantic Wharf redevelopment where the Council have recently announced their preferred operator for the new Indoor Arena, which will spearhead the larger redevelopment of the area.
“This is a prime development opportunity for the city,” says Tom Merrifield, Director at Avison Young in Cardiff. “Cardiff Council acted decisively in purchasing the property and is now moving swiftly forward with its search for a developer to bring these distinctive buildings back into use. Whoever becomes the new owner has the potential to revitalise and provide an iconic development for Cardiff.”
Leah Mullin of Knight Frank adds, “The freehold site comes with vacant possession, possible uses include office accommodation, residential and hotel. The property has been sitting unused for a decade, and we’re looking for a developer who will breathe sympathetic new life into these stunning buildings. Given its excellent location, the property offers such an exciting redevelopment opportunity.”
Cardiff Bay has seen substantial improvements and redevelopments over the last 20 years including the construction of Mermaid Quay, The Bank, The Senedd and the completion of the Wales Millennium Centre. The area of Cardiff Bay links to the city centre via Bute Street and Lloyd George Avenue which have good public transport connections.