We have acted for Handelsbanken Plc on the funding of the significant local purchase of the freehold for a newly completed office development in central Cardiff.
We acted for the bank, providing advice in relation to the funding of the purchase of the freehold for John Street by Second Horizon Limited, undertaking property due diligence and completing new security over the property.
John Street is a newly completed office development of 109,000 sq ft of Grade A office space located in the Callaghan Square area of the city.
The development opened in September 2026 as an all-electric, grade-A sustainable office hub. It has recently been fully let to Lloyds Bank Plc as its new headquarters in South Wales, accommodating 2,500 staff members.
Knight Frank acted as the selling agents on the purchase, which is one of the biggest to take place this year outside of London.
David Marshall, Head of Real Estate Finance, led on the purchase supported by Iwan Jenkins, Partner in our Construction team.
On the purchase, David said:
“We are very happy to have acted for Handelsbanken Plc on another significant deal for the funding of the purchase of J R Smart’s recently completed scheme at John Street in Cardiff. It was great to be part of a truly Welsh deal with a Welsh developer and seller and a Welsh purchaser, three Welsh law firms and other local advisors. This is another great example of the funding support being made available by Handelsbanken in the South Wales Commercial Property market and it was a pleasure acting for them.”
Illtyd Francis, Branch Manager of the Swansea branch of Handelsbanken Plc, said:
“At Handelsbanken, we are proud to have played our part in providing the financing for this purchase, which is a significant local deal for us and for the South Wales property market.
“It has been a pleasure to work with the Hugh James team on this deal. Their support and expertise were invaluable throughout the transaction.”
