Cardiff named sixth most prosperous city in the UK

Report vindicates confidence in conducting business and dealing especially with inward investment in the area

6 September 2016

Share this

Barclays UK Prosperity Map, which provides an in-depth view of the different prosperity drivers across the UK regions, shows that Cardiff saw one of the largest increases in SME turnover in the UK, at 12%, and GDP per capita growth up by 9.7%. Strong activity was reported throughout the UK, with all regions becoming more prosperous than last year as average household wealth, spending and earnings rose and unemployment fell. Cardiff was named as one of the UK's fastest growing cities, showing that areas outside of London are emerging as challengers to the Capital and South East of England.

Michael Lawley, Chairman of Cooke & Arkwright said, “Cardiff is a great place in which to live, work and play, and has a huge amount to offer on a professional, cultural and personal level. We were delighted to read this report which clearly vindicates the confidence we have in conducting our business and dealing especially with inward investment to the area. Cardiff has set an ambitious course for future growth with major housing schemes such as Plasdwr getting under way, along with significant office and retail development attracting new businesses and investment to Central Square, Capital Quarter and Cardiff Waterside.  We need to unlock further growth across all of Wales through the Cardiff Capital Region deal and other collaborations. Cities such as Newport and Swansea have attracted a lot of investment in the last few years and are undergoing similar transformations which are raising their profiles in very positive ways. The potential for new major infrastructure projects such as the Swansea tidal lagoon scheme and the M4 relief road now need to be taken forward to help take the whole South Wales region to the next level.”

Ben Bolton, Director of Business Space said, “These are exciting times for Cardiff, with work well under way at Central Square on the new BBC Headquarters, along with thousands of square feet of new office and retail accommodation, a new transport hub and train station redevelopment, all of which will provide a new gateway to the city. There has been a tangible shift by occupiers and investors alike who cannot fail to see that the city is making a substantial step up. Pre-let activity is at an all time high, showing confidence in its long term regional plans and relative value for money compared to other regional cities, despite significant rental increases for prime new space.

“With complimentary infrastructure improvements and housing plans happening simultaneously, Cardiff has an enviable platform for significant growth over the next five years.”

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