Cooke & Arkwright
News
First deal for new surveyor attracts record price
01/09/05
A record price has been paid for the freehold interest of 8 Churchill Way, a semi detached Victorian office building close to Queen Street. The property, which extended to three floors plus basement, attracted ‘phenomenal’ interest when it was put on the market in the early part of this summer, according to Rhydian Morgan of Cooke & Arkwright.
Mr Morgan, who handled the sale for private clients said, “Our promotion of this property generated more interest than we can remember for a long time. It was nothing to arrange half a dozen viewings a day and such was the level of interest that our advice to the client was to invite best bids, although we had quoted an indicative guide price initially of £350,000. “The price we achieved well exceeded this, with eight bids being received topping well over £400,000.”
Roger Thomas, director of Cooke & Arkwright commented, “The price ultimately paid equated to around £180 per sq ft and bearing in mind that the property needed a considerable amount of work, probably sets a record for a vacant building of this type and age in Cardiff.”
The building was bought by a local property company.
Mr Morgan, who joined Cooke & Arkwright in May, is following a long family tradition in property. His grandfather was H. Stuart Davies, whose own offices were just down the road in 20 Churchill Way and whose business merged with Cooke & Arkwright in the 1970’s. His father is Richard Morgan, who was responsible amongst other notable transactions, for the development of New Baltic House - the former Bank of Wales building opposite Cardiff Castle, the nearby Number One Kingsway and the £30m purchase of the residue of the Marquess of Bute South Wales Estate from BP Pension Fund in 1988.