Admiral House, Station Plaza, Newport
Combined investment, development and leasing advice resulting in sale and profit to client

Graham Davies

Article by

Graham Davies
Director
Investment Agency

(029) 20 346346

Share this

Sector: Offices

Services: Investment Agency; Office Agency; Development Land

Client: Scarborough Development Group

 

THE PROBLEM

  • Major city centre redevelopment site adjacent to Newport railway station
  • Recessionary period of 2012/13 as the scheme was evolving and Newport was a challenging location in which to build a new Grade A 80,000 sq ft office

 

THE SOLUTION

  • Cooke & Arkwright provided Client with occupational and development advice from outset
  • Cooke & Arkwright advised the Client on investment implications of leasing terms agreed in negotiations with Admiral Insurance
  • Cooke & Arkwright worked jointly with CBRE to give both an international and regional overview of the prevailing market conditions and put in place a comprehensive investment marketing campaign

 

THE RESULT

  • Cooke & Arkwright successfully negotiated a sale of the completed 80,000 sq ft office investment to WP Carey in September 2014
  • Sale price achieved reflected a £1.75m premium over the quoting price, as a result of competitive bidding generated
  • Delivered client sale of the property simultaneous with practical completion and signing of lease to Admiral, releasing their money on time

Cardiff Waterside is a significant property holding for Aviva Investors at almost 500,000 sq ft. Our experiences show the benefit of working with a regional specialist where occupational markets can be unlocked with a good team with excellent local contacts. Ben Bolton and his team have done this for us for many years and been fundamental to our success and a very low void rate in Cardiff.

Matthew Leach, Arriva Capital Waterside