Sully Island
Sale of 15 acre island off the Vale of Glamogan coast

Article by

Chris Hyde
Director
Land Agency, Utilities & Energy, Property Auctions

(01656) 644644

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THE PROBLEM

  • The owner wanted to dispose of his asset and as the island had previously been marketed with another agent without success, our client wished for a fresh approach.
  • Environmentally and ecologically sensitive, the island is protected with a number of planning designations, making any form of development a remote possiblity.

THE SOLUTION

  • Cooke & Arkwright agreed with the client beforehand and set out a comprehensive marketing schedule advertising the island in the regional press and on-line.
  • The importance of the island as a romantic beauty spot was recognised as a unique selling point and an aerial photgraph was commissioned which caught the location perfectly, showing not only the whole of the island, but also Cardiff in the distance.

THE RESULT

  • As a result of national adverts and excellent press exposure, telephone and email enquiries began to flood in, not only from the UK but from China, Russia, Belize and other parts of the globe, all wanting to buy Sully Island.
  • In order to draw a line under proceedings, we invited interested parties to tender their best offers for Sully Island, culminating with over a dozen offers from around the globe.
  • Ultimately, we agreed a sale of the island for nearly double the guide price, meaning our client recouped all of the investment made in the property.

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. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group