Aviva Investors has set a new headline rent in Cardiff.
Law firm Abel & Imray will pay £22 per sq ft to move into Aviva’s 3 Assembly Square building at Britannia Quay on Cardiff Waterside. It will move out of the city centre to take 2,900sq ft on a 10-year lease at the bay.
The deal moves headline rents in the Welsh capital on from a previous high of £21 per sq ft. Agents had been predicting headline rent increases as supply in the city continues to tighten and development remains thin.
Jim Pearson, partner managing the relocation for Abel & Imray, said : “The headline rent, although high for Wales, is still only about half that in Central London.”
Knight Frank and Cooke & Arkwright are joint agents for Cardiff Waterside; Fletcher Morgan acted for Abel & Imray.
Nadia.elghamry@estatesgazette.com
