Toby Carvery and Travelodge site changes hands in £5m deal

Lucrative post-Brexit deal completes busy quarter with transactions totalling £47m

27 October 2016

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Cooke & Arkwright has acted to secure a key purchase in North Cardiff, with the £5million acquisition of the Travelodge and Toby Carvery premises at Tyn y Parc Road in Whitchurch. The transaction was brokered between M&G Real Estate and Cognitive Properties Ltd. The £5m deal will provide Cognitive with an initial return of 6.25%, with the fixed rental increases in the lease set to provide an attractive ongoing yield.

Graham Davies, investment director at Cooke & Arkwright, said: “We’re delighted to have completed another lucrative post-Brexit deal on terms that are commercially beneficial to both vendor and purchaser.

“This is another example of being able to put together willing sellers and proven purchasers to structure deals.”

Cooke & Arkwright’s work with Cognitive Properties and affiliate companies extends beyond Wales. It recently secured the £4m purchase of two distribution units totalling 65,000ft at Gilcar Way in west Yorkshire on behalf of a sister company of Cognitive Properties.

The site is one of the leading distribution locations in the north west of England, offering exceptional access to the north west and north east of England and south to the midlands.

These purchases, alongside the £37million acquisition of House of Fraser for a Gulf-based investor in August, represent a busy quarter for Cooke & Arkwright, with total transactions brokered for the three months to the end of September totalling more than £47million.

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