Boost to Bargoed’s new Plaza

Flagship rengeneration scheme by Caerphilly Council, Welsh Government and private sector secures 8,800 sq ft letting

24 February 2016

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Caerphilly County Borough Council’s ambitious and wide ranging regeneration strategy for Bargoed has received a significant boost with a major letting in its retail flagship development, Lowry Plaza, where Units 1 & 2 have been let to Poundworld. Extending to over 75,000 sq ft of retail space, including a 400 space car park, a major supermarket and eight shops, Lowry Plaza represents the centrepiece of the Council’s regeneration strategy for the town centre. The Council has now completed a letting of two of the unit shops totalling 8,800 sq ft to Poundworld, which joins Morrisons, Greggs and Subway. Poundworld will occupy the largest outlet on Lowry Plaza, which forms an extension of the established pitch on Hanbury Road.

Cllr Ken James, Caerphilly County Borough Council’s Cabinet Member for Regeneration sees the letting as a significant addition to Lowry Plaza and the town’s retail offer. ‘The Council, the Welsh Government and the private sector have invested over £90 million in Bargoed over recent years to transform the town centre, improve the highway network, enhance public transport links and secure a range of environmental improvements, including landscaping to the whole of the town centre. Lowry Plaza, however is central to our strategy for the town and we see Poundworld as a great addition to Bargoed. We are now confident in achieving full occupancy of Lowry Plaza in the near future. This is a major boost for the town.’

With over 300 stores nationwide, Poundworld is one of the Uk's leading discount retailers. The acquisition by Poundworld follows a recent successful opening in nearby Blackwood. Matthew Mitchell of Poundworld commented, ‘Following our very successful opening in Blackwood, we had no hesitation in committing to a further opening in Bargoed. Lowry Plaza offered us a quality property and environment, and the perfect opportunity for this.’

Units still available on Lowry Plaza range from 1,480 sq ft to 4,878 sq ft.  Full details are available from joint letting agents Cooke & Arkwright and IMetcalfe & Co, who acted for Poundworld in the letting. Andrew Thomas represented Poundworld.

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