Retail & Leisure
As the retail industry continues to rapidly evolve and respond to the various challenges and opportunities that it currently faces, it takes a law firm with a commitment to and specialist understanding of the industry to keep up
From the way customers shop, to the changes seen on the high street, tenants misusing CVAs and the need to repurpose and rethink use of retail premises, confidence and an openness to innovation is required to meet the needs of the consumer as well as the investor.
As a specialist commercial property law firm, with a dedicated retail team, we partner with you as you make investment decisions and help you maximise the value of your retail assets.
We believe our absolute focus on real estate brings specific benefits for our clients.
At Maples Teesdale the property sector is our sector, it’s all we do and our team is very committed to it. Whilst we work on significant capital transactions such as acquisitions, sales and refinancing exercises, we also have a broad depth of experience and genuine interest in asset management work; it is very much core to our business. We understand the critical importance of effective asset management to our clients, we do a lot of this type of work, we enjoy it and we actively seek opportunities to do it.
We pride ourselves on being commercial. We understand that, once our clients have agreed the commercial terms of a transaction, the legal documentation just needs to “get done”, so that the opportunity can be translated into income and value for our clients as soon as possible.
We work with our clients in a collaborative manner – we see ourselves very much as part of their team and work with them, not just for them.
We attend and invite our clients to join us at industry events, dinners and conferences, such as Bisnow events, and industry bodies we support such as REVO and the BPF. We proactively seek to make introductions between our clients and contacts in the retail sector through tailored events and networking opportunities.
We have a sizeable landlord/institutional client base which means we are conscious of and at the forefront of advising on institutional concerns and trends. We work collaboratively with our clients, regularly discussing such issues with them and exploring how to implement best practice for their business. For example recently we have been advising retail clients on sustainability, CVAs, repurposing retail space and the RICS service charge professional statement.
- We advised US private equity firm LoneStar and Ellandi on the sale of Grays Shopping Centre in Thurrock to NewRiver, for £20.2m, representing a net initial yield of 8.2%. The 209,000 sq. ft. (NIA) asset sits on a 4.7-acre site, and includes a part-vacant office building of 32,000 sq. ft., which has been attributed additional development value. Ellandi has sought to maximise the asset’s strategic location by drawing up a master plan for redevelopment on part of the site, as well as engaging with Thurrock Council who have shown significant commitment to enhancing the town centre. The potential development opportunities include a hotel, budget gym, food and beverage units, a discount food retailer and over 200 built-to-rent residential units.
- We were instructed on the purchase of the Grafton Shopping Centre for Legal & General’s UK Property Income Fund 2, in conjunction with Macfarlanes, and we continue to act on the ongoing management work in relation to the 120+ units and several refurbishment projects at the centre.
- We were instructed by BVK (a German pension fund) on the acquisition and asset management of The Ashley Centre, Epsom a fully enclosed 321,070 sq ft high street shopping centre, anchored by Waitrose and House of Fraser. Other multiple retailers include H&M, Marks & Spencer, Boots, Next, Lakeland, WH Smith, Starbucks and McDonalds.
- We acted for Aberdeen Standard Investments on the purchase of Regent Circus in Swindon for circa £41m, a purpose built leisure development for Morrisons and Cineworld.
Anastasia KleinPartner, Commercial Real Estate 020 3465 4347 firstname.lastname@example.org View profile
Liam MacDonnellPartner, Commercial Real Estate 020 3465 4305 email@example.com View profile
"Maples Teesdale stands out for its commercial and economical asset management service and for its exceptional land acquisition work.”Legal 500