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.

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