'Opportunities arising' in Welsh property market

Commercial property investors could soon be able to take advantage of opportunities in south Wales, it has been claimed.

According to a new report from property consultancy firm GVA Grimley, a number of major office and retail schemes are being created in the area, including the St David's 2 site in Cardiff.

Western Mail reports that the creation of such developments means there is optimism in the south Wales market.

Steve Gibbon, director of GVA Grimley, told the newspaper: "For many, these are challenging and unprecedented times.

"The performance of a number of high-profile office and retail schemes will begin to provide a useful barometer of the conditions in the south Wales market."

A recent study by Jones Lang LaSalle predicted that direct investment in UK commercial property is predicted to stand at £21 billion by the end of 2008.

The statistic is 55 per cent lower than in 2007.