In what is believed to be a record office rent for Cardiff, solicitor Howard Palser Grossman Hermer & Partners has taken a pre-let on the 1,749sq m (18,826sq ft) Discovery House at Scott Harbour, Grosvenor Waterside’s Capital Waterside scheme by Cardiff Bay.
Details of the deal have not been released, but the firm is understood to be paying the asking rent of £177.61 per sq m (£16.50 per sq ft) on a 25-year lease with five-yearly rent reviews. It is not known what role incentives play in the deal. The solicitor will move in on completion of the building in 1997, relocating from its current offices in the Bonded Warehouse, Atlantic Wharf.
Discovery House is one of five building under development at the 9,000 sq m (110,000 sq ft) Scott Harbour scheme, all of which are due for completion in 1997. Joint letting agents are Cooke & Arkwright and DTZ Debenham Thorpe.
According to Cooke & Arkwright’s Roger Thomas, the previous highest office rent in Cardiff was achieved in 1990 when The Company of Designers paid Sun Alliance £176.53 per sq m (£16.40 per sq ft) for city centre offices at 15 Windsor Place.
EGi News 17/07/96
