The Raglan House office building at Cardiff Gate International Business Park is up for sale.
The 23,787 sq ft detached three storey building recently saw BT Local Business Severnside - represented by Leading Edge Group UK - taking over the entire 8,003 sq ft ground floor on a new 10 year lease. The remaining two floors – each 8,000 sq ft - are currently available to rent.
The opportunity comes on the back of a resilient 2022 for the Cardiff office market with take up for the city totalling 459,074 sq ft - which is in line with the 10 year average annual take up - with deals concluded outside the city centre accounting for over 20 per cent of activity.
Daniel Hill of BT Local Business Severnside said: “As a result of Covid we closed an existing office in Bristol in favour of a hybrid style of working with many staff from both sites working from home. However the increased demand all through last year from staff to work from the office meant the part-ground floor office at Raglan House quickly became insufficient for our needs. This increased demand for office working, combined with tremendous growth in customers through 2022, has resulted in us signing a new agreement for the whole ground floor at Raglan House, with significant investment in refurbishment at the site.
“With the help of local office equipment company Office Visions, we have created a brilliant new, larger and exciting working environment for our staff. This has allowed us to have all staff working from the one site in a large open plan office, with the addition of improved meeting spaces and breakout areas, which we know will further increase our great company culture and performance. Cardiff Gate has always served us well for attracting the talent we need and the expansion has also meant that we are left with plenty of opportunity for future growth within the business.”
Property consultancies Knight Frank and Cushman & Wakefield have been appointed as joint agents for selling the freehold of the building and for attracting new tenants.
The asking price for the freehold has not been disclosed.
Mark Sutton, partner in the office agency team of Knight Frank in Cardiff, said:“Raglan House is prominently situated on Cardiff Gate Business Park, widely recognised as one of Cardiff’s leading out of town office locations and home to major occupiers including Shell, Mitie, Regus, Redrow Homes, SWALEC and Coors.
“Raglan House offers a rare freehold opportunity and with income secured on the ground floor it has already attracted interest from property investors and owner occupiers.”
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