Investment to provide flexible new options for occupiers is paying dividends at Capital Tower, Cardiff’s tallest office building, where Capital on Tap has expanded its presence and signed up for a longer lease.
The 270 feet tall multi-let Capital Tower, in Greyfriars Road in the centre of Cardiff, was acquired by Trinova for £25 million in 2018. The new owners have developed a range of office options at Capital Tower tailored to accommodate the needs of businesses of all sizes.
As well as office space under traditional lease agreements, it has introduced new 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. The serviced and managed offering is being operated by Chadwick Business Centres.
Mark Sutton, partner at joint letting agent Knight Frank, said: “Capital 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 – and everything in between. 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 Ltd, 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 sq ft 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.”
Mike McCarrick, Head of Asset Management at Trinova, commented: “We consider Cardiff to be an important and dynamic UK business City, and at Capital Tower we have been keen to create a range of options for businesses to suit their changing occupational requirements in what is a unique office building in the City.”
Capital Tower has also enjoyed a spate of recent office lettings under traditional leases, as well as the arrival of a new coffee shop on the ground floor.
Existing tenant Randstad UK has signed a five year lease renewal on 3,347 sq ft of space on the seventh floor, and Pageant Media Limited has extended its occupation of 2,253 sq ft on the eighth floor.
The lettings follow the arrival in the building earlier this year of social justice law firm Thompsons Solicitors, which signed a 10 year lease on a 2,299 sq ft 5th Floor office suite.
Landlord Trinova was represented in the transactions by joint letting agents Knight Frank and Fletcher Morgan.
Local business Kin & Ilk is opening its fourth Cardiff branch in the building to serve speciality coffee and fresh, locally-sourced food to the building’s occupiers and passing shoppers and office workers and has taken a new five year lease.
John James of Fletcher Morgan added: “Capital Tower’s position within Cardiff’s core office and leisure district and at the heart of the city centre has always been a popular choice for occupiers, offering all of the city centre amenities on the doorstep, secure on site parking and with superb access to public transport links. The new coffee shop adds to its attraction.”
Capital Tower is home to a broad cross section of occupiers including Thompsons, Admiral Insurance, Secretary of State, DevOpsGuys, Dolmans Solicitors and The Law Society.