Two more lettings have been signed at the 60,000 sq ft Global Reach multi-let office building on Celtic Gateway Business Park resulting in 100 per cent occupancy at the Cardiff Bay office scheme. The property is part of a Joint Venture asset managed by Stainton International Ltd.
Insurance broker Active Quote has recommitted to the building with a new 10-year lease on 12,500 sq ft of office space over ground and second floors. In addition, data & analytics company LexisNexis Risk Solutions, part of the RELX Group, which already occupied two floors (16,000 sq ft), has taken a lease on a further 8,000 sq ft on the first floor, Wing A.
In each case, joint letting agents Knight Frank and Fletcher Morgan advised asset managers Stainton International and the transactions were agreed from a headline figure of £13.50 per sq ft. Active Quote was advised by Cooke & Arkwright and JLL represented RELX.
Mark Sutton, partner at Knight Frank in Cardiff, said: “Global Reach has continued to prove attractive to occupiers providing high quality office space with impressive views over Cardiff Bay and the new Cardiff International Sports Village development. The increased out of town activity in the last 24 months has seen out of town deals accounting for 27 per cent of Cardiff office take up in the 24 months to Q3 2019.”
“The supply of office accommodation in Cardiff – both in and out of town – remains very limited particularly for high quality space like that at Global Reach which represents exceptional value for occupiers.”
ActiveQuote.com is the UK’s leading comparison website and broker of health and protection insurance products, including health insurance, income protection, life insurance and critical illness cover.
Alun Doull chief operating officer of Active Quote said: “We were delighted to be able to expand our footprint earlier this year, taking on an additional 4,500 sq ft, and acquiring the additional floor has enabled the business to plan our future at Global Reach. The building is a great fit for us.”
LexisNexis Risk Solutions uses data and advanced analytics to help businesses make quicker and smarter risk decisions. It is part of RELX, Group which has offices in about 40 countries and employs over 30,000 people, of whom almost half are in North America.
James Wheeler operations director at LexisNexis Risk Solutions said: “As one of the longest standing tenants, Global Reach works really well for the business and our staff – high quality office space in a very accessible location. We have been increasing our headcount and securing the last floor in the building has allowed us to expand and accommodate and plan our future growth.”
John James of Fletcher Morgan added: “Celtic Gateway Business Park is home to a number of high profile business occupiers, including BT, NFU Mutual, Cardiff Council and Austin Smith Lord. The amenities provided by Cardiff Bay Retail Park and the Cardiff International Sports Village development are within a short walk for the occupiers at Global Reach.”