Council’s ‘once in a generation opportunity’ secured with purchase

8 February 2022
  • St Tydfil's Shopping Centre purchased for Merthyr Tydfil CBC by Cooke & Arkwright

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Acting on behalf of Merthyr Tydfil County Borough Council, Cooke & Arkwright have successfully secured the purchase of the St Tydfil Shopping Centre. The centre provides circa 180,000 sq ft of retail accommodation in 48 unit shops, a 50-stall internal market hall, and 25, three-bed, maisonettes, located in two separate blocks.

St Tydfil’s is situated in the heart of the town centre on a large site of 4.5 acres and immediately adjacent to both the council-owned new and former bus stations. It also has direct access onto the High Street and backs onto the River Taff and Avenue De Clichy. It therefore represents a significant and highly strategic purchase for the Council.

MTCBC have ambitious plans to regenerate the town centre. The acquisition of St Tydfil’s therefore fundamentally alters the opportunities and potential to transform and deliver on their place-making ambitions.

The purchase allows the Council to asset manage the centre while developing their wider regeneration plans and delivering a retail offer with wider commercial, leisure and residential opportunities, fit for purpose in the present generation.

Cooke & Arkwright have been retained by the Council to assist in the ongoing management of St Tydfil’s, and also in an agency and lease advisory capacity.

Graham Davies who coordinated and negotiated the purchase for the Council from Patrizia says, “This acquisition represented a once in a generation opportunity for the Council. The purchase opens so many opportunities and is a springboard for the Council to deliver on their aspirational plans for the town centre.

“It has been a pleasure working alongside the Officers and Members of the Council to secure the purchase. There is a collective desire to improve the town centre and create a fit for purpose environment for the people of Merthyr. It has been a pleasure to be part of the acquisition process and we look forward to being part of the future developments plans for the town.”   

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