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

I have worked with Jeremy Symons over the past three years successfully leasing and buying property in support of my business. I continue to be very pleased with his knowledge of the market and expertise. Our relationship over this time has resulted in acquiring 20,000 sq ft at Capital Business Park in Cardiff, leasing 11,000 sq ft at Southpoint, and subsequently leasing an initial 42,000 sq ft at Parc Bedwas, followed by a succession of expansions of a further 11,000 and then 47,000 sq ft, enabling us to centralise all of our operations at Parc Bedwas in a single 100,000 sq ft facility. The acquisitions were completed at the perfect time for tenant purposes and the rent fixed throughout the term at very economical rates. A job well done.

Bob James, Aerfin