Redevelopment creates stand out retail asset in Barry

11 March 2021
  • Briscombe Retail Park Barry acquired and leased by Cooke & Arkwright for VCD Asset Management to Greggs and CVS Veterinary Group
  • Briscombe Retail Park Barry acquired and leased by Cooke & Arkwright for VCD Asset Management to Greggs and CVS Veterinary Group

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A roadside site on Cardiff Road in Barry has been regenerated and turned around following its acquisition by local investment developer, VCD Asset Management. The half-acre site was acquired by VCD Asset Management in the summer of 2019 from Briscombe Commercial Laundrette & Dry Cleaners in a deal brokered by Cooke & Arkwright.

Earlier attempts by national occupiers and local developers had tried and failed to regenerate the site, which is located on the main road into Barry town. The site benefited from over 25,000 passing vehicles per day which offered great potential, and the building’s use as a laundrette was coming to an end and was showing its age.

Working closely with Cooke & Arkwright’s Development Land and Retail & Leisure teams, VCD Asset Management successfully attracted early interest from national occupiers in the proposed redevelopment scheme. This facilitated the investment of capital in the planning process and the freehold acquisition of the site. 

Ed Batten of VCD Asset Management commented, “With Cooke & Arkwright supporting our planning consultants and designers, we were able to obtain planning permission prior to acquisition. Before even starting construction, we were delighted to secure the pre-let on 100% of the development.

“Cooke & Arkwright shared our vision for the site and in July 2020 we delivered the 3,600 sq ft retail development now known as Briscombe Retail Park, fully occupied with blue-chip tenants Greggs and CVS Veterinary Group in long term occupation.”

Ryan Pratt, Associate Director with Cooke & Arkwright’s Retail & Leisure team said, “The acquisition and planning processes were challenging, and the delivery of project was not helped by the recent pandemic. However, with solid support from our professional teams we are pleased to have aided the successful delivery of Briscombe Retail Park, which has been transformed into an asset for the people of Barry.”

Cooke & Arkwright’s property management team administer the service charge for the common parts of the development.

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