The historic Hodge House in the centre of Cardiff is being transformed in a £10m investment to attract a new wave of tenants.
The office building, which was built in 1915, is being revamped in an investment from its owner in Legal & General.
Last year the building's main tenant in law firm Hugh James vacated for its new HQ at the 2 Capital Square office scheme at the nearby Capital Square development.
There is already strong tenant interest with space being marketed at £21.95p per sq ft.
There is currently a lack of grade A office space in the city. Current tenants include Webhelp.
L&G is committed to creating 110,000 sq ft of contemporary office space within the neo-classical Portland stone Grade II listed building on St Mary Street.
The building’s features - such as the period staircase off St Mary Street and the old vaulted ballroom on the fifth floor - are being restored and enhanced.
Moreover, six floors of large open-plan modern offices are being created, together with a striking atrium.
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The work, which is being carried out by Paramount Interiors, is due to be completed by the end of 2019. It will also include dedicated flexible space for start-up and tech firms.
Property consultants Knight Frank and Fletcher Morgan have been appointed by Legal & General as letting agents.
Matthew Phillips, managing partner of Knight Frank in Cardiff said: “The refurbishment of this significant city centre character building will create the grade A space that today’s occupier wants – full of character, large floor plates of over 19,000 sq ft with exposed services and new mechanical and electrical systems, and good bicycle and changing room facilities.”
John James of Fletcher Morgan said: “Hodge House has a superb central location opposite the Principality 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.”
L&G has been a major investor and employer in Cardiff for a number of years. It has provided finance for the Central Square development of Rightacres Property.
At Hodge House Legal & General will devote part of the available space to creating 4,000 sq ft suites under its Capsule brand of flexible ‘furnished & work ready’ offices.
Occupiers will benefit from fitted-out office space with digital connectivity and a simplified leasing process.
The property arm of L&G acquired Hodge House for £18.8m deal in 2014 from Aberdeen Asset Management.