The landmark Hodge House office building in the centre Cardiff has secured its first new tenant following a £10m refurbishment.
In a boost to the city's wider office market, medtech firm Intelligent Ultrasound Group is moving its HQ into the L&G owned 110,000 sq ft and grade II building.
The Alternative Investment Market firm is relocating from the Cardiff Medicentre at the University Hospital of Wales campus as it requires more space to supports its growth plans.
It is taking 7,188 sq ft of refurbished space on the sixth floor of the eight storey building which forms part of Legal & General’s Capsule offer – which moves away from the traditional fit out and longer lease length, to fully fitted space let on a more flexible basis.
Helen Jones, chief financial officer of Intelligent Ultrasound Group, said: “We looked at a number of office premises but found the Capsule office at Hodge House really attractive as we could move in rapidly and cut out a big front-end cost by taking offices which are already fully fitted out.
“The space we have leased also enables us to bring our growing R&D teams together in an effective way and create a showcase space for our range of simulator and AI products.
“Hodge House gives us large open plan working spaces where we can work safely under Covid in a very prestigious building close to rail links, bars, restaurants and shops. It fits our requirements perfectly.”
Intelligent Ultrasound is also relocating its distribution and manufacturing facilities to a new base in Caerphilly. It currently employs 52 people, with a sales office in Atlanta in the USA and 30 resellers across the world.
Hodge House is being marketed by property advisory firms Knight Frank and Fletcher Morgan.
Matt Phillips, head of the Cardiff office of global property consultancy Knight Frank said: “Like many businesses in the new Covid-19 era, Intelligent Ultrasound has identified that it needs to house its staff in a building that they will actively want to come to work in – and that means high quality, flexible space in an excellent location that they can travel to, and work in, safely.”
John James, director of joint agent Fletcher Morgan said: “Hodge House has a superb central location opposite the Stadium and in close proximity to Central Square, very close to main public transport hubs and with all the amenities of central Cardiff at hand - it’s a very attractive proposition.”
As part of L&G's investment revamping the building, the ornately detailed Portland stone façade with sash windows, originally inspired by the architecture of London’s Regent Street, have been cleaned, repaired and redecorated.
And the building's four face clock, previously frozen at ten past seven, is once again a prominent public timekeeper and city wayfinder.
Andrew Mercer, office sector lead at Legal & General Investment Management Real Assets said: “Capsule is a mutually beneficial option, acknowledging the frustrations that send many occupiers towards flexible providers, while retaining the traditional benefits of leasing from an established provider.
"We are delighted to welcome Intelligent Ultrasound to Hodge House.”
In 2018 the building's main tenant in law firm Hugh James vacated for its new headquarters at the 2 Capital Square office scheme at the nearby Capital Square development.
Hodge House was built in 1915.
The space is being marketed at £21.95p per sq ft.
