The story of Carlyle House at 5-7 Cathedral Road and neighbouring 9 Cathedral Road shows how quick thinking coupled with a multi disciplined approach brought the right results for one landlord and three companies.
The landlord was seeking new long-term tenants for 5-7 Cathedral Road, a modern three storey office building of circa 12,000 sq ft situated in a popular sub district of Cardiff city centre.
LSH had been appointed as marketing agents and by successfully matching the building’s attributes to the marketplace, attracted two businesses – WRAP Cymru and Sequence. Later, Sorenson Media, a digital tech TV company, took second floor space leading to the whole building becoming fully occupied.
Once the building was full however, rapid business growth by Sorenson meant they needed more space to accommodate increased staff numbers and they started to look elsewhere.
The LSH Solution
A joined-up approach would focus on how best to serve the interests of the landlord, the building and the tenants.
Agency: retaining an existing tenant
Issue – Sorenson Media requested works to improve the appearance of the shared external areas, and needed more space to accommodate its expansion plans.
Outcome: LSH advised Sorensen that the landlord also owned the next-door property 9 Cathedral Road which was soon to become vacant. LSH explored the option of Sorenson taking a lease on the vacant building with a view to knocking through; internally connecting the second floor of 5-7 Cathedral Road that Sorenson occupied and the 9 Cathedral Road vacant building.
Sorenson would then have the space they needed across both properties without having to relocate. LSH also advised the landlord to carry out repairs to the external areas, bringing it up to the standards expected by Sorenson and to the benefit of the other occupiers.
LSH succeeded in structuring a deal where the five-year leases on both buildings run coterminous meaning they end on the same date.
Building Consultancy: appointing contractors and supervising works
Issue - Sorenson Media had a list of requirements associated with repairing elements of both sites, including the car park and driveway, secure fencing and automatic gates, lighting and the boundary walls. At number 9, the work would incorporate repairs to the roof, windows, guttering and some internal areas.
The agreed changes would need to be made within a tight timeframe of no more than 12 months.
Secondly, they needed a contractor to knock through from 5-7 Cathedral Road to number 9 Cathedral Road, connecting the two buildings so that it could function as a single space for Sorenson Media.
Outcome: Building Consultancy prepared the schedule of works for all of the projects and put them out to tender to contractors. On reviewing the tenders, they selected and appointed a contractor, prepared the contract documentation and supervised the works.
LSH remains on schedule to complete all works.
With all of the repairs made to the external and communal areas of both buildings, all tenants at the site benefit and Sorenson Media were able to stay put.
Managing Agent: property and service charge management
Issue - Building and estate service charges are administered to cover maintenance costs and tenants require audited accounts. Risk items identified within the statutory annual Health & Safety Risk Assessment need to be addressed as well as ongoing management of maintenance issues.
Outcome: LSH is providing accurate and timely financial information and audited service charge accounts which saves the landlord time through centralised reporting and tracking. It also procures Health & Safety Risk Assessments nationally, passing on reduced pricing to clients.
In addition, we provide a 24/7 Helpdesk Service through eLogbooks which ensures that all tenants are able to report maintenance issues in a timely fashion.
By calling on our local and national expertise, and applying a multi-disciplined approach, LSH was able to secure the right outcome not only for the landlord but the tenants. By making required repairs to the site, all occupiers benefit and the appeal of the building is enhanced.