Mark Siddons secures large letting for Imperial House

4 April 2024
  • imperial house, cooke & arkwright, office letting, commercial property, newport office

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Mark Siddons, Associate Director in Cooke & Arkwright’s Business Space team, has completed the letting of Imperial House, Newport (26,672 sq.ft),  acting on behalf of the landlord Somerset District Council.

Mark commented ” while much of the post-Covid dialogue has focused on office occupiers downsizing to city centre buildings, it is reassuring to have been involved in a transaction of this significance, in the out of town sector. A few challenges were incurred during the legal process, requiring a multi-faceted approach from all parties, but a great result was secured in the end”.

Our client, Brendan Fisher, has quoted “we are very pleased with this letting, which demonstrates that although the market has contracted in previous years, there is still underlying demand for well finished and accessible offices in close proximity to the M4.  We’re very grateful for the efforts of Mark and all at Cooke & Arkwright in bringing this deal to fruition.”

Ross Griffin, Director at Savills, acted for the occupier commented “The Newport office market is a challenge, but we were pleased to act for this client on this strategic letting for them, in this instance a strong collaborative approach got this over the line.”

Mark Siddons added “In what has been a challenging office market over the last couple of years, the recent success at Imperial House, follows an earlier 40,222 sq.ft letting at The Refinery, Swansea Enterprise Park, achieved on behalf of the landlord Praxis, in August last year. Transactions of this stature serve as a timely reminder that there remains continued occupier demand for the right product, even in an unpredictable market”.

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.

The Welsh Rugby Union Limited, Welsh Rugby Union Group