Cardiff’s historic Market Buildings sold

24 July 2018

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Cardiff’s historic and iconic Market Buildings, located on St Mary’s Street in the heart of the city centre, has been acquired by London based investor, The Thackeray Estate, for an undisclosed sum. Cooke & Arkwright sold the property on behalf of Sellar Property Group.

Market Buildings is an attractive grade II listed building, arranged over six floors. It forms the main entrance to Cardiff Market and provides approximately 21,000 sq ft of mixed accommodation, including office, retail and leisure use. Tenants include Paddy Power, Welsh Language Commissioner and Future Generations Commissioner for Wales.  There is a small amount of vacant accommodation within the building.

Caryl Howell, investment surveyor with Cooke & Arkwright, said: “We are very happy to have completed on this deal.  The property was built in 1886 and has been in Sellar’s ownership since 1997.  Now under new ownership, the property is entering a new phase of its life cycle with The Thackeray Estate showing great enthusiasm to utilise the building, taking advantage of the opportunities available in the fast moving Cardiff property market.  I look forward to seeing its journey unfold.”

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