StreamBank has signed a five-year managed office deal at Cardiff’s tallest office building.
The fast-growing specialist property bank has moved from serviced offices in Cardiff to occupy the 5,588 sq ft 23rd Floor of the Capital Tower building on a monthly all-in fixed fee arrangement.
Asset manager Trinova has moved to develop a three-tier offering to potential tenants. As well as traditional leased office space, it offers business centre and managed office options through flexible space specialist Chadwick Flexspace Solutions.
The Capital Tower Business Centre offers smaller businesses serviced office space with options from a single workstation upwards, on all-inclusive flexible term licence agreements. It currently occupies 14,000 sq ft across three areas.
Chadwick’s managed office service is aimed at office occupiers like StreamBank which are seeking a larger, bespoke space for a longer term on a fixed monthly fee arrangement.
Property consultancies Knight Frank and Fletcher Morgan are joint letting agents for Capital Tower.
Mark Sutton, partner at Knight Frank in Cardiff, said:
“Capital Tower really does offer the complete range of letting options for office occupiers, enabling them to choose exactly the space, terms and financial arrangements that suit them best in a superb city centre location. It also offers the best office views in the city.”
John James of Fletcher Morgan, added:
“We have seen a number of companies stay at Capital Tower while experiencing tremendous growth, with some transitioning from initial Business Centre occupiers to become managed office and then traditional lease tenants.”
Patrick Maher, commercial director at Chadwick, said:
“We provide a tailored solution, creating bespoke spaces in collaboration with the landlord to deliver a space that meets the occupier’s exact requirements. We manage every aspect – from initial design, financial analysis of returns, agreement of commercial terms, project management of the fit-out to day-to-day operations once the occupier moves in.
“Costs are recovered through an all-inclusive monthly licence fee which includes rent, rates, service charges, utilities, maintenance, IT infrastructure and IT operating costs.”
Currently, 38,500 sq ft of office space in the building is under Chadwick’s management.
Specialist bank StreamBank was founded in Cardiff to provide short-term property finance and savings products to customers across the UK. Its growth has led to its move to offices on the 23rd floor of Capital Tower.
Richard Armstrong, chief commercial officer at StreamBank, said:
“This fully fitted-out, all-inclusive, capital-free office space solution provides first-class facilities.
“Relocating to Capital Tower marks an exciting new chapter for our bank. As we continue to grow, it was important for us to make a commitment not just to our team but also to the region we serve. This move is a clear statement of our dedication to providing the very best working environment for our staff while staying true to our roots in Cardiff.
“With its state-of-the-art managed services and central location, our new office reflects our commitment to long-term investment in our staff, our customers, and the wider Cardiff community.”
