Hat trick of deals for Cardiff Waterside

17 February 2015

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Cardiff Waterside’s Caspian Point office development in the heart of Cardiff Bay is close to full occupancy following three new lettings completed by Cooke & Arkwright and Knight Frank.

The Aviva Investors supported scheme has now reached 95 per cent occupancy. Sapiens International, a global leader in providing software solutions for the insurance industry now occupies the whole of the third floor, extending to 12,800 sq ft, on a five year lease. Creditsafe Group, a global leader in providing on-line company credit reports has taken 12,785 sq ft on a ten year lease, and Energy Saving Trust, which helps householders, government organisations and businesses to save energy, occupies 3,800 sq ft on the fourth floor.

Ben Bolton, Director of Business Space with Cooke & Arkwright, and joint agent on the development commented, “These deals are fantastic news for Cardiff Waterside, but also for the city as a whole. It is important that leading international organisations see Cardiff as a good place to do business, and the decision to be based at Cardiff Waterside is made simpler not just by its excellent location, but also the Grade A quality office space available, which is in short supply. Cardiff Waterside is one of the leading office destinations in the city and this latest announcement and the fact the whole development is so close to being fully let underline that fact.”

Reinforcing the importance of Cardiff Waterside as a location, Cato Syversen, CEO of the Creditsafe Group added, “It is important as a company that we are seen to be at the heart of business activity in the region and Cardiff Waterside fulfils that need for us. Cardiff Bay has had huge investment in recent years and has become a focal point for business growth and development; Cardiff Waterside is at the heart of that growth. We are delighted to have signed a deal that will see us staying in the area for the next ten years at least.”

More deals are expected to be announced by Cardiff Waterside in the coming months and there is planning consent granted to develop a further 625,000 sq ft of office space across four sites within the development in the coming years.

Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group