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.

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