Awash with unusual valuations during lockdown

29 July 2020
  • Former reservoir Wales Cooke & Arkwright
  • Former reservoir Wales Cooke & Arkwright
  • Former fish farm Wales Cooke & Arkwright
  • Former fish farm Wales Cooke & Arkwright

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Cooke & Arkwright’s multi-disciplinary valuation department has been busy throughout lockdown. At a time when valuing any property has been challenging, we have been awash with unusual properties arising from our very diverse client base.

Prime examples ranged from a former reservoir with a covenant preventing its reuse as a reservoir, to an area of common land and a former fish farm. 

Whilst these are difficult properties to value due to their state of disuse and lack of direct comparables, we have a wealth of experience and data in the rural property market in Wales to draw upon to help us provide a fair and accurate assessment of value.

All sorts of assumptions may apply, from condition of land and buildings, to planning. There may also be special assumptions to be agreed, such as change of land use.

Alongside these more unusual properties, we have also valued many more traditional office and industrial properties for various reasons, including pensions and court hearings.

If you have any queries regarding property valuation we will be happy to advise you. Please feel free to contact Elizabeth Hill (Commercial Valuation) or Chris Hyde (Land Agency).

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