Cooke & Arkwright Secure Lease for Esquires Coffee in Newport

13 May 2024
  • esquires coffee, cooke & arkwright, chartered surveyors, retail property

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Esquires Coffee was founded in 1993 in British Columbia by two entrepreneurial business graduates who wanted to serve the best coffee to their community. Now, they are a globally recognised coffee franchise serving ethical coffee all over the world. Most recently, they have opened a new shop in Newport. The coffee shop has had a successful opening with customers enjoying the 100% organic coffee and fresh food they are serving.

Ben Davies of Cooke & Arkwright negotiated and secured the lease for Esquires Coffee on behalf of franchisee Rashid Habib. This marks the second Esquires Coffee shop in Wales and commemorates Mr Habib’s first franchise acquisition through Cooke & Arkwright, with aspirations for more. Esquires Coffee are expanding even more in South Wales with another shop opening in Cardiff Bay very soon.

Ben Davies commented “This acquisition marks the first Esquires Coffee shop for franchisee, Rashid Habib, and we’re delighted to have acted on his behalf in this transaction. Identifying the right unit, in a busy location, were key elements to securing the first store. We share Esquires’ optimism in the envisaged success of the stores’ performance and look forward to advising on further acquisitions in south Wales.”

All of the units are now let on the parade which is managed by LCP Group. Despite a challenging market, this transaction demonstrates the demand for such locations, situated in close proximity to predominantly office and residential uses.

Philip Gwyther of EJ Hales acted on behalf of the landlord said “We are delighted to have let this prominent corner unit to Esquires who will significantly add to the tenant mix of this very busy retail parade, which benefits from onsite customer car parking.”

Esquires Coffee have completed large scale improvements to the unit by opening up the side, adding windows and outdoor seating making it much more visible from the road and street traffic. The unit comprises 1,500 sq ft internally in addition to the outdoor seating. The landlord submitted a planning application in order to secure the change of use to class A1/A3.

George Watson, Senior Asset Manager at LCP said: ”This is a perfect fit for this parade and we are delighted to be working with such a forward thinking business which customers will love.”

Mansford has expanded its investment portfolio over the last few years. Over this time Andrew West has provided us with a full rating valuation service which has involved giving a view on liabilities prior to acquisitions, as well as conducting negotiations with Valuation Officers on our UK estate. The portfolio includes a wide range of properties from shops, offices and pubs to major leisure schemes. He has been particularly successful in mitigating our liabilities to empty property rate, which has been an issue on acquisition prior to implementing our development and letting strategy. I have no hesitation in recommending Andrew's expertise in rating valuation for all property types. The profile of property within his portfolio and the successes achieved are testament to his position as an extremely accomplished rating practitioner.

Leopold Hall, Partner, Mansford LLP