Robertsons Solicitors has played a significant role in one of the UK’s largest office investment transactions outside London this year, advising long-standing client JR Smart throughout the development and eventual sale of No. 1 John Street in Cardiff city centre.
The law firm, which has offices in Cardiff, Swansea, Newport, Barry and Bristol, has acted for property developer JR Smart for more than 30 years and has provided legal advice on the John Street development since the original site acquisition in 2015.
The transaction marks the culmination of more than a decade of involvement in the project, with Robertsons advising across multiple stages, from land assembly and development finance through to a commercial letting and the final investment sale.
Located in Callaghan Square, No. 1 John Street is a newly completed, 10-storey Grade A office building extending to approximately 115,331 sq ft. The property is let to Lloyds Banking Group on a 10-year lease and will serve as a major regional office hub.
The investment was marketed by property advisory firm Knight Frank with an asking price of £38.4 million, as previously reported by WalesOnline.
Robertsons’ involvement began in 2015, when the firm advised JR Smart on the original acquisition of the site. This involved a complex land assembly process comprising five separate landowners, alongside negotiations with Network Rail for the acquisition of adjoining railway arches.
In 2024, the firm also advised on the £6.2 million sale of part of the John Street site, together with the railway arches, to Grainger Residential plc for a proposed build-to-rent residential development.
Robertsons subsequently advised JR Smart in securing a £15 million repayable development loan from the Cardiff Capital Region’s Strategic Premises Fund.
Another significant milestone was the letting of No. 1 John Street to Lloyds Banking Group. The transaction involved a detailed agreement for lease and challenging lease negotiations, with completion of construction of the building triggering completion of the Lloyds lease in February 2026.
The completed development incorporates a range of sustainability features, including all-electric air source heat pumps and solar panels, and has achieved a BREEAM Excellent rating and EPC A energy efficiency rating.
The completion of the Lloyds letting paved the way for the marketing and eventual investment sale of the property.
Robertsons’ Commercial Property team spent nine months preparing for the sale, including the creation of a comprehensive electronic data room to support legal and financial due diligence undertaken by the purchaser and its team which included extensive construction documentation.
This preparation enabled the team to meet a demanding transaction timetable, with the sale completing just six weeks after the issue of Heads of Terms.
The transaction was led by Muireann Sheedy, Director and Head of Property at Robertsons Solicitors, alongside Consultant Solicitor and former Director Martell Williams supported by Associate Solicitor Caitlin Kloet and Solicitor Leah Donovan.
Muireann Sheedy said:
“Having advised JR Smart for more than 30 years, we’re incredibly proud to have played such an integral role in the John Street development.
“From the original acquisition of the site in 2015 through to the development finance, letting and eventual investment sale, this project demonstrates the importance of having trusted legal advisers who understand both the commercial objectives and the complexities involved in major property developments.
“The successful completion of the sale within six weeks of Heads of Terms being issued reflects the considerable preparation undertaken by our team and the collaborative approach of everyone involved.
“It’s particularly rewarding to see a development of this scale and quality contribute to Cardiff’s evolving commercial landscape.”
Gareth Smart, of JR Smart, added:
“JR Smart has worked with Robertsons for more than 30 years and they have been a trusted legal partner across a number of significant developments over that time. Robertsons have supported us throughout the John Street project from the initial site acquisition through to its successful completion and sale.
“Having advisers who understand our business and our objectives has been invaluable throughout what has been a complex, long-term development. We’re delighted to see the project reach this milestone and proud of what has been delivered in Cardiff.” The transaction further demonstrates Robertsons Solicitors’ experience in advising developers, investors and businesses on complex commercial property matters, from initial acquisition and development through to leasing and disposal.