We have won a contract to provide valuation services on the Friars Walk retail and leisure destination in Newport, one of only three major UK shopping centres opening this year.
Our valuation specialist retail and development department have been appointed by Newport City Council for the 390,000 sq ft development in the city centre, which is under construction and due to open in November 2015.
The development by Queensberry Real Estate will house a Cineworld multi-screen cinema, a full offer Debenhams department store and 35 other retail units. Occupants will include fashion chains Next, H&M, Top Shop, River Island and New Look. The development will also contain 11 restaurants, 350 parking spaces plus a major new bus station, and is expected to provide around 1,200 jobs.
We will be responsible for quarterly valuations of the scheme as it progresses and providing estimated market values of the completed scheme to the council.
Other duties include analysis of the developer’s appraisal – which assesses the viability of the project in terms of market value of the completed scheme, profit and development cost. They also include providing comment to the local authority on progress with lettings and prevailing market conditions.
Our appointment was arranged by Newport Norse – a joint venture between the city council and facilities management, property consultancy and care provider Norse Group, which supplies various services to the local authority.
Councillor John Richards, Newport City Council’s cabinet member for regeneration and development, said: “We were impressed with Sanderson Weatherall’s retail expertise, which includes delivering town centre studies and development appraisals to councils. Their ability to provide a fully integrated service, seamlessly linking specialists in different areas within their organisation, was also vital. We are now looking forward to working with the firm’s experts and are confident they will do an excellent job for us.”
Mark Sheridan, associate partner at Sanderson Weatherall’s Bristol office, said the firm was delighted to have been instructed on a scheme which would revitalise Newport city centre and looked forward to assisting the council and their development partners with its progress.
He said: “Our multi-disciplinary team, encompassing valuation, retail and development consultancy has a wealth of experience in schemes of this nature, which we feel gave us an edge on our competitors.”
Birmingham’s Grand Central complex, set to be officially opened in September, and Bradford’s Westfield Broadway, due to open in November, are the only other major UK retail developments due to complete this year.