With Admiral still in the process of occupying its new Cardiff headquarters the presence of the motor insurance group has already been praised for attracting new businesses to the city.
One developer has claimed the so-called “Admiral effect” has triggered a rush by retailers for space at its St David’s Dewi Sant Shopping Centre. Linc-Cymru, which owns and manages the Barrack Lane mall says 85 per cent of its shops have gone with just two units remaining to be filled.
The £3.5m mixed-use development consists of 27 fully let apartments with nine retail units, totalling 5,000sq ft, on the ground floor. “These final two units are the last opportunity for prospective tenants to secure a place in what has proved to be a very popular scheme,” said Andrew Gibson, associate director at joint letting agents DTZ.
“The combination of city centre location, reasonable occupational costs and, of course, the potential influx of footfall once Admiral opens its doors later this year is proving very attractive,” he added.
The construction of the FTSE-100 company’s new Cardiff headquarters is one of Wales’ largest ever commercial developments. The Admiral building, directly behind the St David’s shopping centre, is expected to be completed this summer, with its full complement of 3,000 staff installed by Christmas.
Fitted out at a cost of £40m, the hand over will see Admiral entering into a long-term 25 year lease with the landlords of the building at an initial rent of £16.77 per square foot. Ownership of the ground floor has been retained by Admiral for its staff restaurant. Three retail units will be leased to tenants.
Acknowledging his new office’s role in revitalising Cardiff’s retail quarter and attracting business ventures to the area, the insurance group’s chief operating officer, David Stevens, said: “Our new headquarters will provide all of us at Admiral with a fantastic working environment in the heart of the city. There are very few office locations in the UK or even Europe that offer so many shopping, eating and travelling options in easy walking distance.”
Started in 2012, its new 220,000sq ft architecturally eye-catching headquarters will allow the motor insurance giant to consolidate its operations from four sites it already occupies in Cardiff into a single 11-storey building.
Tony Nash is a director with Stoford, the Midlands-based commercial property specialists, which agreed an investment sale of £58.7m for the scheme with German fund manager Union Investment Real Estate GmbH. “The strength of co-operation and commitment by everyone involved in this magnificent building has been second to none,” he said. “We are progressing on schedule and it is an outstanding example of a successful working partnership to deliver a complex city centre project.”
A feature of the new office block — on the site of the old David Street car park — will be a piece of prestigious public artwork reflecting the contemporary nature of the site in keeping with its prominent location within Cardiff city centre.
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