News & Views - 2014
The latest news, events and insights in the Wales property world

Admiral House Newport sold to institutional RE investor for £20m

Admiral House Newport sold to institutional RE investor for £20m

Admiral Group's newly constructed primary office building in Newport has been sold to leading global Real Estate Investment Trust, W. P. Carey Inc for approximately £20m. The 83,000 sq ft…

Successful appeal of Millennium Stadium plc Business Rates

Successful appeal of Millennium Stadium plc Business Rates

It learnt that it had been successful with its appeal against the rateable value ascribed to the stadium, which is wholly owned by the Welsh Rugby Union, and will benefit…

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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.

The Welsh Rugby Union Limited, Welsh Rugby Union Group