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

Article by

Graham Davies
Director
Investment Agency

(029) 20 346346

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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

The Leekes Retail and Leisure Group have substantial property assets within the group and have engaged Andrew West to appeal against rating assessments on these properties since 2010. We have consistently been impressed by Andrew's knowledge of the property market and his negotiating skills have been exceptional. Given Andrew's outstanding performance, we would not hesitate to recommend Andrew to any business large or small seeking to appeal their rates liabilities.

Mike Fowler, Group Finance Director, Leekes Group