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.(JavaScript must be enabled to view this email address)
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