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.

The disposal of 120,000 square feet on the Heads of the Valleys Industrial Estate was a particularly satisfying task. The building had been rebuilt following fire damage, and Jeremy Symons and his team were successful in identifying a nearby purchaser looking to expand. The sale price, at £4,000,000, represented a record sale price for a property of this nature in the area, and with great tenacity and endeavour was completed in a timely fashion. An excellent result.

Richard Hayward, Richard Hayward Properties