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| May 2010 |
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| UK Commercial Property Trust purchase Junction 27 Retail Park |
| Shehrnaz Dolasa led a team at Maples Teesdale on behalf of client UK Commercial Property Holdings Limited on the purchase of Junction 27 Retail Park, Birstall, Leeds for £56.63 million. The property is a goods retail park comprising 9 retail warehouse units and 1 restaurant (122,376 sq feet of space with over 500 car spaces). Tenants at the retail park include DSG Retail (t/a Currys), Comet Group, Furniture Village and TGI Friday. |
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| April 2010 |
| UK Commercial Property Trust acquires Shrewsbury shopping centres |
| Maples Teesdale (led by Shehrnaz Dolasa) and Berwin Leighton Paisner (led by John Kelsey) have advised on the sale and purchase of The Charles Darwin Centre, the Pride Hill Shopping Centre and the Riverside Shopping Centre and Medical Centre. All three properties are located in Shrewsbury and have been sold for an aggregate purchase price of over £61m. The purchaser is Maples Teesdale’s long-standing client, the UK Commercial Property Trust Limited, the UK’s largest UK Commercial Property Investment Trust. |
| The shopping centres comprise 123 retail units with an approximate floor area of 43,131 square metres (464,282 square feet) on a 2.487 hectare site. The title is comprised mainly of freehold titles. The current gross annual rent receivable in respect of the properties is approximately £5.3m per annum. The purchase price reflects an equivalent yield of 8%. |
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| March 2010 |
| Purpose-built Distribution Centre in Widnes |
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Maples Teesdale acted for Legal & General’s Managed Fund on the acquisition from Stobart Group, represented by Hammonds, of a 528,000 sq. ft. brand new purpose-built distribution centre in Widnes pre- let to a major food retailer together with Stobart’s adjacent inland port terminal on a 25 year sale and leaseback deal. Total price for the two assets was in the region of £61 million. The distribution centre will service the retailer's northern "fresh" operations and Stobart will be the transport contractor for the retailer at the unit. Liam Buckley led the Hammonds team and Declan Power led the Maples Teesdale team. |
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| 5-7 Chancery Lane |
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| Mark Bryan and James Barnett acted for UK Commercial Property Holdings Limited on the sale of the freehold of 5-7 Chancery Lane for £49.3 million. The purchaser was a new overseas fund for whom the property was its first acquisition.
The circa 84,000 sq ft property is let to solicitors Lewis Silkin LLP at a rent of £3.4 million per annum rising to £3.75 million in 2013. |
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| November 2009 |
| Beauchamp sale and leaseback of premises let to Tesco and HSBC |
| We have successfully completed its first transaction acting for new client, Beauchamp Investments Limited. Beauchamp’s sale and leaseback of premises let to Tesco and HSBC represents Beauchamp’s first commercial property investment in the UK for many years. |
| Commenting on the transaction Neil Sagoo said “We are delighted to have been able to help Beauchamp return to the UK commercial property investment market. This is an important step for Beauchamp and we are proud to have been involved.” |
| Neil was assisted by Erika Willmott and Rose Lambert. Eversheds (Iftkhar Ahmed) advised HSBC. |
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| April 2009 |
| 25 Maddox Street W1 – Sold for £33.5M |
| Chris Wilkinson and James Barnett acted for Norwich Union Life and Pensions Limited c/o Aviva Investors, on the sale of the freehold of 25 Maddox Street, London, W1 for £33.5 million. The property was sold to a private overseas investor. |
| The property comprises 31,000 sq ft (2,879.9 sq m) of Grade A office, retail and restaurant accommodation. The building is fully let to 7 tenants, including Conde Nast Publications Limited, producing a rental income of approximately £2.5 million per annum, which equates to £79.98 per sq ft overall. |
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| February 2009 |
| US Embassy relocation |
| We advised the United States Government in relation to its acquisition of an almost five acre development site for a new embassy building at Nine Elms Lane in Wandsworth, London from Ballymore Properties |
| The deal is conditional on US Congressional approval and planning permission. Mark Bryan, who led the team, commented: |
| “This deal is of great importance to the United States. The new embassy building is intended to provide a modern, open environmentally sustainable and secure diplomatic facility in an accessible part of London. |
| As you can imagine with any deal of this significance there were a number of detailed procedural and legal obstacles to deal with. We are therefore proud to have played a major part in such an exciting transaction”. |
| The team also included Declan Power, Neil Sagoo, Roger Thornton and Kate Gallagher |
| Ballymore Properties were advised by Wragge & Co. (Peter Thorne) |
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| Frontier Estates – Enfield |
| Frontier Estates instructed us on their acquisition of the GE Lighting site in Enfield for redevelopment. |
| The site is a prime freehold 8.1 acre development site with around 375,000 square feet of dilapidated buildings on it. Frontier are planning to redevelop the site as a mixed use scheme to include a hotel, car showrooms, self storage unit and trade and business units. Planning consent has been granted and three plots have been disposed of to Big Yellow, Toyota, and a hotel operator. |
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| P & O Estates – joint venture with Property Merchant Group to
redevelop prime West End site |
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| We are acting for P&O Estates in a joint venture with The Property Merchant Group to develop three adjoining buildings at the junction of Regent Street and Margaret Street, London W1. |
| The buildings occupy a prime West End site of around 76,000 square feet and present an excellent mixed use redevelopment opportunity of over 100,000 square feet of offices, retail and residential behind their retained Regent Street facade. |
| The joint venture has obtained planning permission for the proposed redevelopment and has recently acquired a separate site in Newman Street for around £16million to accommodate the offsite residential (including affordable housing). |
| The scheme, once redeveloped and let, is likely to be worth in excess of £175million. |
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| August 2008 |
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| Legal & General |
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| In July 2008, Maples Teesdale were appointed to the Legal & General commercial property panel as the lawyers for the Managed Fund. We are acting on a variety of work including disposals, lettings, development advice, and portfolio asset management work. In particular, we were instructed on the sale of a Tesco Distribution Unit in Brackmills for around £12million. |
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| February 2008 |
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| Imperial House, Windsor |
| St. Congar Properties, Miff Chichester’s new development company, have acquired Intercontinental Hotel Group's 50,000 sq.ft headquarters in Windsor, Berkshire in a joint venture with equity house Europa Capital. They have paid £15m for the 4.5 acre site bought from the Crown Estate. The joint venture plans a large mixed use scheme when IHG relocates later this year. The site has potential for more than 200,000 sq. ft. worth of offices and homes. |
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