University on Parade

Redeveloped Grade A building on The Parade attracts Cardiff University

16 December 2015

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Following an extensive programme of redevelopment, a formerly dilapidated building at 53 The Parade in Cardiff, has been extended and converted into 4,200 sq ft of Grade A office space and successfully let to Cardiff University. Cooke & Arkwright’s Business Space Agency advised Emvic Developments on the redevelopment and extension of the building, and the potential for attracting business and professional tenants to the property. The Parade is in a Conservation Area and includes security access and parking for six cars.

Tim Lawley, Associate at Cooke & Arkwright said, “We identified that there was still a clear desire for Grade A space in this area, where good quality, small scale builds and refurbishments have been snapped up quickly in recent years, achieving close to headline rents for the city. Previously a mix of office and residential accommodation, The Parade is now a statement building providing high quality accommodation in a prominent location in the city centre. We are delighted with the outcome and to have secured the letting to the University.”

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