Trinova Fills up Cardiff’s Tallest Office After Flexible Investment
Capital Tower Has Seen a Spate of Recent Lettings
BY PAUL NORMAN, COSTAR NEWS.
Trinova has secured a series of lettings at Cardiff’s tallest office building after significant investment to increase flexible leasing options.
Capital on Tap has expanded its presence with a longer term flexible lease on more than 5,000 square feet on the 13th floor at the 270-feet Capital Tower on Greyfriars Road in the centre of the Welsh capital, which Trinova bought for £25 million in 2018.
Existing tenant Randstad UK has signed a five-year lease renewal on 3,347 square feet on the seventh floor, and Pageant Media has extended its occupation of 2,253 square feet on the eighth floor. The lettings follow the arrival in earlier this year of social justice law firm Thompsons Solicitors, which signed a 10 year lease on a 2,299-square-foot office suite.
Trinova was represented in the transactions by Knight Frank and Fletcher Morgan.
Local business Kin & Ilk is also opening its fourth Cardiff branch in the building to serve speciality coffee and has taken a new 5-year lease.
The owners have developed a range of office options including office space under traditional lease agreements, and flexible options for tenants from a few desks in fully-serviced space, to a bespoke managed office agreement where the tenant pays a single monthly fee. These offerings is being operated by Chadwick Business Centres.
Mark Sutton, partner at Knight Frank, said the tower is now set up to accommodate a wide range of occupier requirements, from two desks for two months through to 100 desks for 10 years. “It’s an approach that is already proving successful with the changing dynamics of the office sector.”
Patrick Maher of the Chadwick Business Centre said: “A good example of the success of the new approach is New Wave Capital , trading as Capital on Tap, which initially took space for 70 workstations in the Capital Tower Business Centre last October for a term of 18 months.
“Due to the rapid growth and expansion of the business, it has now expanded to take the entire 5,413 square foot 15th floor on all-inclusive fully managed terms for a term of three years for a fixed monthly licence fee. The space will be provided with a full bespoke contemporary fit out for the occupier, also project managed by Chadwick Business Centres.”
Capital Tower is also home to including Thompsons, Admiral Insurance, DevOpsGuys, Dolmans Solicitors and The Law Society.