Venture Wales invests in Navigation Park

£8m proves to be catalyst for significant other private sector investment

13 November 2017

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Venture Wales has secured the acquisition of two plots of Welsh Government land on the Navigation Park Business Park, Abercynon, for the future expansion of their existing successful business starter accommodation.

Phillip Cooper, Chief Executive of Venture Wales, commented, “We are delighted to acquire additional land at Navigation Park.  It is extremely gratifying that Venture Wales’ investment of £8m at Navigation Park to date, has proved to be the catalyst for significant other private sector investment at this strategic site. This new acquisition will enhance our existing facilities and provide the springboard for a further expansion of our extremely successful lettable office space portfolio at Navigation Park.”

Jeremy Symons, Director of Cooke & Arkwright acting for the Welsh Government, added, “It is pleasing to see two further parcels of land on this successful business park being sold to an existing operator on the estate to enable their future expansion in the area.  It can be anticipated that Venture Wales will utilise the land for both parking and expansion, easing congestion on the business park, and also creating further opportunities for employment within the area.  It is a very pleasing outcome for the Welsh Government.”

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