Cooke & Arkwright
News
Ocean’s high
10/08/05
Acting with joint agents, Cooke & Arkwright has secured the highest rent in Cardiff on behalf of J R Smart (Builders) Ltd, for the ground floor of its Ocean Buildings redevelopment in Bute Crescent, Cardiff Bay.The office suite of 1,720 sq ft has been let for just under £21 per sq ft. In a further deal, a 1,400 sq ft retail unit in the building has been sold by the agents after attracting a very strong price.
Ocean Buildings is a Grade II Listed, period property situated in a prime location overlooking Mermaid Quay, the Millennium Centre and the Oval Basin. The building was once a terrace of three storey town houses dating back to 1840, until in the latter part of the 19th century they were merged to create Ocean Buildings, the headquarters of the Ocean Coal Company.
Prior to the letting, a complete refurbishment of the ground floor was undertaken by J R Smart, which first acquired the building in 2003 from Hawtin. Ben Bolton of Cooke & Arkwright said, “The quality of the accommodation and its superb aspect qualify the building for the level of rent achieved.”
The upper four storeys have been developed by Persimmon to house a collection of 32 luxury apartments and penthouses as well as a private Mediterranean roof garden. To the rear of the building backing on to Mermaid Quay, the retail unit that has been sold was originally intended for letting. Alex Smart of J R Smart said that the purchase price offered made it too good an opportunity to lose. “We are delighted with the outcome of both the letting and the sale,” he said.
Huw Thomas of Cooke & Arkwright, which has been retained as sole letting agent, said that the unit had been bought by a private individual as an investment and was now available to let. “It already has A3 planning consent which means that not only will the property be attractive as a potential retailing unit, but it will also be a tempting proposition to cafe and restaurant operators. “Tesco Metro has opened just opposite and its proximity to Mermaid Quay and the Wales Millennium Centre puts it in the heart of the retail and leisure offer in Cardiff Bay,” he added.