Scope for investors at illustrious city centre building

Rare investment opportunity in Cardiff city centre

14 September 2017
  • Market Buildings Cardiff for sale Cooke & Arkwright
  • Market Buildings Cardiff for sale Cooke & Arkwright
  • Market Buildings Cardiff for sale Cooke & Arkwright
  • Market Buildings Cardiff for sale Cooke & Arkwright
  • Market Buildings Cardiff for sale Cooke & Arkwright
  • Market Buildings Cardiff for sale Cooke & Arkwright

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A rare investment opportunity to acquire Cardiff’s renowned Grade II listed Market Buildings in St Mary Street in the heart of the city has been brought to market by sole agents Cooke & Arkwright. The landmark Victorian building comprises 21,196 sq ft over six floors, with four fully occupied retail units at ground floor level, office accommodation on the upper floors and a basement nightclub. The attractive sandstone building forms the main entrance to busy Cardiff Market via a central two-storey arch decorated with a symbolic stone phoenix.

Investment Directors Graham Davies and Nick Lawley commented, “This is a high yielding investment opportunity in one of Cardiff’s most popular retail and leisure pitches. Cardiff Castle, Principality Stadium, St David’s Shopping Centre and Cardiff Central railway station are all within very short walking distances. There is considerable scope for a purchaser to add value to the property in a variety of ways. An uplift of rental values could be achieved by refurbishing the offices when the leases expire in a couple of years, or they could potentially be converted for residential or student use, or as a hotel. In addition, there is the possibility to capitalise on the growing popularity of St Mary Street as a leisure location, by reconfiguring the retail accommodation for conversion to A3 use.”

Market Buildings underwent a complete facelift in November 2016 when Cooke & Arkwright’s Building Consultancy oversaw maintenance works to clean the sandstone and granite exterior and restore the decorative detail on the stone relief carvings. The property is adjacent to the House of Fraser department store which the Investment team purchased on behalf of international investors in 2016.

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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