Millennium Stadium, Cardiff
Advising the Millennium Stadium Plc on reducing their business rate liability and saving them money

Article by

Andrew West
Director
Business Rates

(029) 20 346346

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Sector: Retail and Leisure

Service: Business rates

Client: Millennium Stadium Plc

 

THE PROBLEM

  • Client looking to minimise its ongoing liability to business rates in order to devote as much revenue as possible to the promotion and development of rugby throughout Wales at all levels from grass roots through to the National Team.
  • The Millennium Stadium plc wished us to reflect the revenue and crucially the expenditure generated and incurred at this iconic Welsh building, within the valuation.

THE SOLUTION

  • A full receipts and expenditure valuation was undertaken.
  • Our experience in representing many of the elite sports team stadia in Wales gave us a unique understanding of the funding, finances and operation of professional sports teams and the stadia from which they conduct their business.

THE RESULT

  • 2005 Rating List -
    • Original assessment - £2,000,000 RV
    • Agreed assessment - £1,375,000 RV
    • Consequent financial savings - £1,484,107
  • 2010 Rating List -

    • Original assessment - £2,250,000 RV
    • Agreed assessment - £1,650,000 RV
    • Consequent financial savings - £1,929,000
  • All of the savings of £3.4m will be re-invested in rugby at all levels throughout Wales.

 

“Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (WRU) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.” Steve Phillips, Group Finance Director, Welsh Rugby Union Group

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