Loungers opens new venue in Monmouth as part of expansion plans

Estero Lounge located in striking town centre building

8 June 2016
  • Ian Newbury of Cooke & Arkwright outside Estero Lounge in Monmouth
  • Estero Lounge interior image

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Loungers, the West Country based restaurant/café/bar group has opened a brand new site in Monmouth. Named Estero Lounge, the new venue occupies Commerce House, a refurbished building in Monnow Street and has created 20 jobs for local people. Loungers has invested £575K transforming the new site into a retro home from home, where dramatic art work sits next to oversized vintage sofas and statement light fittings, in the eclectic style much loved by Lounge aficionados.

Jeremy Burton-Dickie, operations manager, Loungers, said:  “Monmouth is the perfect location for our Lounge concept. There’s already a thriving and vibrant community and we’re delighted to be playing our part in the foodie scene here. Residents will be served by the very best - our new team is passionate about hospitality. Our excellent ‘on the job’ training programme ensures our staff are at the top of their game.”

Ian Newbury, Surveyor with Cooke & Arkwright's Retail & Leisure Agency, who acted for the private landlord in the letting said, “This is an excellent property and location for Estero Lounge to occupy. Commerce House is a striking building which has been redeveloped to a high standard and extends to almost 5,000 sq ft over two floors. It is situated in a prominent position on Monnow Street close to nearby retailers, making it convenient for shoppers and visitors to the town. The landlord is pleased to have attracted such a high quality tenant who will add to the leisure offering in Monmouth.”

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