Cardiff-based developer Rightacres has bought British Gas’s former HQ in Cardiff for £12m, as part of the utility group’s relocation to Rightacres and MEPC’s Callaghan Square scheme in the city.

British Gas, owned by Centrica, has signed up for 63,336 sq ft at MEPC and Rightacres’ Number 4 Callaghan Square, as tipped by Property Week 20.06.08. It has taken a 15 year lease and will pay £17.50/sq ft.

It has sold its 150,000 sq ft former HQ, Helmont House, to Rightacres and leased it back until fit out is complete at the new Callaghan Square building.

Cardiff-based Atisreal director Anthony Phillips, who advised Centrica, said: ‘This deal shows that the property market is not all gloom and doom. As a regional city Cardiff represents a good value central location for major corporate occupiers and Callaghan Square has got to be one of Wales’s finest new office developments.’

Atisreal advised Centrica. Knight Frank and DTZ are letting agents on Callaghan Square.