Cooke & Arkwright’s Investment agency has completed the £54.5m purchase of Cardiff Bay Retail Park on behalf of Orchard Street Investment Managers LLP. The retail park originally developed by Wilson Bowden in conjunction with Cardiff Bay Development Corporation provides 191,739 sq ft of accommodation and generates £3.59m of rent.
Commenting on the acquisition, Gary Felce, Orchard Street Chief Investment Officer said, “The combination of tenants, a secure income profile and some interesting asset management opportunities make Cardiff Bay Retail Park an excellent investment opportunity. In the past few years the Cardiff Bay area has developed a first class profile with significant residential, commercial, leisure and retailing facilities. We are very excited to have made this acquisition in what is clearly one of the most dynamic locations in Wales. “
This acquisition follows the multi million pound disposal of Port Talbot Justice Centre – winner of the Courts category of the BREEM Awards Wales 2011 – on behalf of local developer Deryn Properties, and the £28M acquisition of Treforest Industrial Estate on behalf of The Treforest Unit Trust (Hansteen) just prior to Christmas.
Cooke & Arkwright’s dedicated investment team, headed by Director Graham Davies and Associate Director Nick Golunski, is delighted to have seen such a turn around in activity over the past 10 months.
“2009/10 was pretty awful,” said Mr Davies. “Investor demand was at a real low point and even when good deals were identified the financial climate and consequent difficulties in raising debt ensured that progressing client interest was on times, impossible! It was all very frustrating and it makes this years success all the more pleasing.
“In recent years our strategy has been to specifically focus upon developing our many London based contacts with active interest in investing in S Wales. This has proved very fruitful and enabled us to significantly broaden our client base and indeed become more competitive particularly in the larger investment deals brokered. This has included bidding on substantial UK wide portfolios including the £70M Marine & £57M Conway Portfolios on behalf of a major UK Plc property company.
“Clearly we continue to service our very loyal local clients and indeed have been successful in both disposal and acquisition work on their behalf. Establishing and fully understanding client’s requirements whether they be main UK Institutions or local private investors is at the heart of our business model.”