Cooke & Arkwright
News
Industrial Park Investment and refurbishment success
13/09/06
Following a major contract which involved the acquisition, refurbishment and letting of over 22,000 sq ft of industrial premises at St Catherine’s Park, Cardiff on behalf of Cheshire County Council’s pension fund, chartered surveying firm Cooke & Arkwright has now acquired Taymuir Green, the final part of the estate for £1.25m.
The whole complex of almost 45,000 sq ft is now under the ownership of the council’s fund managed by Rockspring Property Investment Managers, which has instructed Cooke & Arkwright to refurbish the remaining part of the estate to provide further good quality industrial premises for tenants.
“Cooke & Arkwright has been able to fulfil all the requirements of the council from the pre-acquisition survey through to final disposal,” said Graham Davies of the Investment agency. “Following the successful completion of the earlier instructions we are now delighted to have secured the remaining part of the estate for our clients. The initial return from Taymuir Green is 6.75% with one unit vacant; the potential reversion is to circa 7.6%.”
Refurbishments carried out last year under the direction of John Day of the Building Surveying department, involved the removal of considerable quantities of asbestos-containing material which was disposed of in accordance with the Landfill Directive, as well as sub-dividing and completely re-cladding the building.
Following refurbishment, the Industrial agency successfully completed full lettings on the site. “Plastic Omnium Limited took 17,500 sq ft, J W Stone & Brick Ltd leased 2,500 sq ft and a large yard area, and the remaining space was taken by 1 Car 1 Ltd,” said Sam Vyas. “We are confident that once the refurbishment of Taymuir Green is concluded, we will be able to attract further quality tenants to fill the site.”