A fully let modern south Wales business park office complex is now on the market after the final space in the building was taken.
Integra House, at Celtic Springs Business Park, Newport, is being marketed as an investment premises after a leading UK charity snapped up the final space in the building.
Kaleidoscope has taken a five year lease on 2,576 sq ft of new office space at Integra House, at a headline rent of £10 psf.
Haydn Thomas, of Chartered surveyors, Hutchings and Thomas, who acted for property owners Reflex Holdings, said: “We are delighted to have concluded the letting to Kaleidoscope who have taken the last remaining space available at Integra House.
“With its high specification, excellent location and generous parking we were confident that the space would be attractive to a range of potential occupiers and it is evident that these criteria helped secure an excellent tenant.
“We have now been instructed to market the Investment of the premises which is now fully let”.
Rob Jenkins, Director of building owner Reflex Holdings, said: “We are delighted to welcome Kaleidoscope as new tenants to our premises and in the current difficult economic climate are extremely pleased that our agents Hutchings and Thomas have been successful in fully letting our property.”
Located close to junction 28 of the M4 motorway, Celtic Springs Business Park is a 45-acre development with occupiers such as the HM Prison Service, Wales & West Utilities, Holiday Inn Express, EADS Defence System, Bacaro restaurant, Greggs, and The Dragonfly pub.
DTZ acted on behalf of the Kaleidoscope Project. The firm was initially instructed to acquire new offices as part of a collaborative project with several other charities including Drug Aid and Cyswllt. The purpose of the office requirement is to centralise the administration functions of each organisation to drive efficiencies across the group.
Martin Little, Associate Director in Cardiff’s Landlord and Tennant team who acted for DTZ , said: “DTZ was approached by Kaleidoscope Project and their partners to identify suitable property to share their administration function and make cost savings.
“We short listed a number of properties but Integra House quickly became the preferred option due to its location, size, specification and existing fit out. The terms we were able to negotiate within their required timescale provided a cost effective start to their new operation.”
Martin Blakebrough, CEO at Kaleidoscope Project, said: “Our move to Integra House was full of trepidation as not only were we moving to a new base but were doing so with two other organisations. The decision to move however has been a great success.
“The location off the M4 makes it very accessible, the views are surprisingly scenic and most importantly there is a variety of places to eat. The morale of the team is high as the office is fitted out to a high specification and there are a large number of parking spaces.
“Kaleidoscope, Drugaid and Cyswllt, are charities supporting people with drug and alcohol problems. The move of central administration services to Integra has cemented our partnership and ensured that we provide a professional service in high quality but cost effective environment.”