Commercial Property

Our real estate lawyers understand the vast complexities involved in acquisitions and disposals of both leasehold and freehold commercial property. We regularly guide our clients through the labyrinth of negotiating contracts, reviewing titles, reporting all issues relevant to the transaction, obtaining consent, and advising on other title restrictions in order to ensure that the transactions run as smoothly as possible. We are also on hand to advise on specific issues which may affect individual transactions such as Stamp Duty Land Tax and Capital Allowances.

• Advised on real estate aspects of the £2.7bn acquisition of the Greene King pub portfolio.
• Acquisition of 50 flats and leaseback for the use of the flats as an aparthotel valued at £6.25m. Also acting for the purchaser on the finance aspects of the acquisition.
• Acted for one of the largest independent hospitals in the UK on its acquisition of a prime London site, with a value of £7.8m to enable expansion of its business.
• Acted on the sale of a prominent £45m office building on the South Bank.
• Advised on Islamic property financing facilities totalling £50m.
• Advised on the key purchase of a building on a significant business park in the North East.
• Advised an investor on the acquisition of a flexible office building in Durham.
• Advised an investor on the multi-million pound sale of a student accommodation building in Newcastle upon Tyne.
• Advised an investor on the sale of a multi-let retail property in Gravesend, Kent.
• Advised an investor on the sale of a multi-let retail property in Wolverhampton City Centre.
• Advised an investor on the sale of a prime hotel in Durham City Centre to a national hotel operator.

Property management often raises a number of issues. Our team of experts are adept to advising landlords on any issues that may arise, including advising on consents for assignment and underletting, advising on consents to charge, and advising on making alterations, which can often include stringent documentation and liaising with appointed management agents.

• Acting for Marks and Spencer plc in lease renewals, management work and sales.
• Providing ongoing advice to the Chopstix Group (approx. 150 sites) in relation to acquisitions, disposals, lease interpretation and management issues.
• Acted for foreign institutional investors making significant UK acquisitions, with associated letting and asset management work.
• Dealt with the property aspects of an individual’s landholdings, including documentation to lease land for wind farms including option agreements conditional on planning and suitable decommissioning bonds.
• Managed the investment property portfolio for a family wealth business.
• For over 20 years, advising a multinational telecommunications and outsourcing company in relation to all aspects of its UK property portfolio, including a sale and leaseback of its UK headquarters, new leases, subletting, assignment and surrenders.
• Property due diligence and structuring for peer-to-peer lender on multiple transactions totalling more than £11.5m lending.

Our property lawyers work with a number of developers, both in the residential and commercial sphere, advising them on all legal aspects of their developments. We assist with the setting up of a management company; deal with all funder requirements if necessary; draft all sale, development and funding documentation; advise on all construction-related issues including contracts and warranty agreements; and advise on all planning and tax-related issues relating to the development.

• Acting for major UK house-builder in respect of the acquisition and redevelopment of the historic, but contaminated Royal Arsenal Woolwich site.
• Advised Marshall Street Developments on its £70m+ mixed use development in Soho from initial negotiation of heads of terms through to exchange of development agreement with the City of Westminster and ongoing advice throughout, culminating in completion of the scheme.
• Acted for a commercial developer landowner on a joint venture with a well-known house builder for the creation of over 170 residential units and the construction of 7 commercial buildings at the Paintworks site in Bristol.
• Advised Aldi Stores Limited on the rollout of its 1,000 store programme by 2020, involving a significant portfolio of development sites across England and Wales.
• Advised an investor on an £80 million purchase, re-development and subsequent refinance of a halls of residence in central London.
• Advised a developer on the acquisition and development of a brownfield site and the subsequent lettings to Lidl, Travelodge and McDonalds.
• Advised an investor on a multi-million pound purchase, re-development and subsequent sale of a halls of residence in Newcastle upon Tyne.

Whether you are taking on new offices, expanding site capacity, or reorganising your property footprint, our experienced commercial property lawyers provide clear, business-driven legal advice, handling lease negotiation and drafting, rent reviews, service charge issues, lease renewals, and lease exits, including dilapidations and surrender agreements.

• Acquisition, disposal and subletting of leasehold office premises for various corporate occupiers including a number of hedge funds and other companies (including a FTSE 250 company on the acquisition of office space at a rent of £1.2m a year and the acquisition of offices and radio stations for a Plc media company).

• Acted for global commodity traders in relation to a lease of over 21,000 square feet in 20 Fenchurch Street (the “Walkie-Talkie”).
• Acted for British Telecommunications plc on the outsourcing of its UK property portfolio, comprising around 7,500 properties.

• Advised an occupier of an extensive industrial estate concerning a strategic break option and multimillion-pound dilapidations claim.
• Advised various landlords, institutional funds and corporate occupiers on issues arising out of their day-to-day management/occupation of their respective real estate portfolios.
• Acted for quick service Chinese restaurant chain for over 30 years in building portfolio from 1 to over 150 restaurants including acquisition by buying in new chains ( see below ) and individual site acquisition by new lease or lease assignment.
• Acted for a private members club with 4 premises in London over 10 years in restructuring lease arrangements including surrender and regrant and hive downs and reversionary leases.

Certain transactions will require a variation of certain documentation, including leases, or the establishment of new rights of way over existing developments or building. Our team is able to assist in the preparation of all documentation relating to deeds of variation, restrictions and easements; the drafting of all applications to the Land Registry; and advising on any tax-related implications including Stamp Duty Land Tax.

• Acted for a technology and engineering plc in the acquisition of new industrial premises and the subsequent variation of the client’s leasehold interest to facilitate a new electricity substation to meet the client’s energy supply requirements.
• Acting for two landed estates in relation to a nationally significant (NSIP) solar scheme, including the negotiation of surrenders and variations to existing agricultural tenancies.

Health and safety responsibilities in relation to commercial properties can often be overlooked due to the volume of non-professional landlords leasing properties. Aspects such as general maintenance, risk assessments, asbestos, and gas and electrical safety all need to be taken into consideration. Our specialist property lawyers work with clients to ensure that they are up to speed with guidance set out by the relevant government bodies and ensure that property is managed efficiently.

• Acted for many of the UK’s largest estate agencies and surveyors including your-move, Reeds Rains, Marsh & Parsons, Lauristons and e.surv. Regularly instructed regarding lease renewals and property management matters on a national basis. Recently acted in relation to a particularly high-value major call centre/office site, commercially important to the client in respect of nuisance caused by the demolition of the adjoining shopping centre and issues arising.
• Acted for Blackhawk Automotive (part of Snap-on Tools) in a leading commercial property dilapidations case regarding replacement of asbestos roof sheets (Riverside Investments v Blackhawk Automotive  01 EG 94 (CS)).
• Acted on the disposal of a £25m prime London tenanted property, with provisions allocating risk concerning ongoing building works, building contract obligations, and potentially irrecoverable service charge.

Our commercially astute lawyers understand that all businesses, including those in real estate, can often achieve more by working together. However, we also understand that these joint enterprises need very careful planning to ensure that both parties are satisfied with the outcome. We have considerable experience in forming numerous types of JVs including new corporate vehicles, partnerships, and contract binding ventures. We have considerable expertise in advising all forms of JVs, from setting them up and running them to selling them or winding them down.

• Acting for Wedgewood Homes Limited on various development acquisitions including a joint venture with Barwood Capital for the delivery of a 12-unit scheme in Kent.
• Acting on a joint venture for the acquisition and delivery of an 87-unit scheme in Littlebourne, Kent.
• Development management, joint venture agreement and disposal of a lakeside development site at Theale, Berkshire, for a mixed-use scheme including 300+ residential units.

The relationship between a landlord and a tenant in a commercial or residential setting can be fraught with problems. Our property lawyers understand the importance of correctly drafted leases and work to ensure that all leases and clauses work to negate future problems. Our clients are both landlords and tenants from institutional companies, pension funds, retail tenants, and small businesses. We advise on all types of leases, including mineral leases and commercial leases, and tailor each to suit the requirements of the individual client.

• Led the Real Estate team that secured the letting of 40 Chancery Lane, a landmark development of 100,000 sq ft to the Publicis Group. Oversaw the management of a number of buildings in their portfolio and was heavily involved in their bespoke letting documents.
• Letting of offices to a peer-to peer lending company. Dealing with a sublease and various consents for works. Sublease rent circa £1.4m.
• Advised a landlord on the letting of a large warehouse in County Durham to a national logistics company.
• Acting for Marks and Spencer plc in lease renewals, management work and sales.

Our experienced lawyers advise on the implication of options to purchase land and buildings, and prepare all necessary documentation for protection of such interests. We also advise on pre-emption agreements that guarantee a right of first refusal in purchasing property.

• Advised on an option agreement with a regional housebuilder in Gloucestershire acting for a private landowner, value circa £1m.
• Acted for numerous landowner neighbours who entered into an option agreement with a national developer which involved detailed and complex overage and planning permission satisfaction conditions.
• Dealt with the property aspects of an individual’s landholdings, including documentation to lease land for wind farms including option agreements conditional on planning and suitable decommissioning bonds.
• Advised a UK developer in taking options and securing planning consent over greenfield and brownfield sites in the south east of England.
• Acted for property developers in the acquisition of sites including conditional agreements, options and joint venture agreements.
• Advised trustees in connection with the sale of a site comprising a former nursing home and coach house to a developer pursuant to an option.

Our real estate team has significant expertise in advising both buyers and sellers in cases where a landowner may want to secure future payments if the land becomes more valuable due to its sale for a development. These can be complicated agreements to negotiate and draft and our lawyers are have years of experience in this area.

• Advised on the acquisition from the NHS of a large mixed-use development site in East London with bridging finance. This involved the negotiation of a complex overage agreement.
• Advised a developer on a co-living scheme in Docklands with an overage profit share.
• Acted for numerous landowner neighbours who entered into an option agreement with a national developer which involved detailed and complex overage and planning permission satisfaction conditions.

Institutional and private lenders often require specialist advice in relation to property lending work. We work with clients to draft all documentation relating to debentures, facility agreements and legal charges, as well as more complex lending contracts.

• Acted on the finance and acquisition of a £100m GDV development in West London.
• Advised Melford Capital in connection with a number of CRE acquisitions, related external financing and intra-group funding and subsequent disposals (asset and SPV) across a variety of asset classes, most recently including retail parks (Luton and Newbury), nursing homes (Bromley) and multi-tenanted asset, Great Western Studios.
• Acted for a Bank in £20m+ lending to a national fund for the acquisition of several leisure sites across the country. In addition to a further refinance of £20m a year later.
• Acted for banks and borrowers on portfolio refinancing as well as secured lending.
• Acted on the refinance of a portfolio of industrial estates.
• Led a team of lawyers who advised Peer Holdings on its £80m refinance of its property portfolio.
• Advised a consortium of investors on the multi-million pound acquisition, re-development and subsequent refinance of a prime site in Durham City Centre for student accommodation.

Regeneration project work requires very specific advice and we have a team dedicated to working specifically with large regeneration projects. Our expertise spans from property acquisition to the potential planning of issues that may arise, for example compulsive purchase, through to construction issues relating to building and civil engineering.

• Acted on behalf of Golden Tulip Hotels in the purchase, forward funding and supporting development of Golden Tulip and Tulip Inn hotels, ranging from straightforward single-site developments to complex developments on unique (and challenging) regeneration sites.
• Advising on the Sound Lounge lease renewal proposed redevelopment of the Sound Lounge premises at 216-220 High St, Sutton as part of the Elmove regeneration project.
• Acted for a major UK house builder in respect of the acquisition and redevelopment of the historic but contaminated Royal Arsenal Woolwich site (approx. redeveloped value £250m)with key issues relating to title, overage, planning, environmental and extensive planning obligations.
• Acted for a developer of a 20-acre river-front brownfield site in Gillingham, Kent, designated for mixed-use development (approx. redeveloped value £200m) with key issues including dealing with risks associated with soil contamination and significant affordable housing demands of LPA.
• Advised a developer on the acquisition of a brownfield site in Northumberland, development and subsequent letting to Travelodge.

We have a dedicated team of tax experts that works in tandem with our real estate lawyers. This dedicated team is always on hand to advise on all tax issues in related to a transaction whenever they arise including Stamp Duty Land Tax and VAT.

• Advised Thames Water (ongoing) on the tax implications of Thames Tideway Tunnel Project, focussing on VAT and SDLT.
• Advised Tesco on real estate structured financing and securitisations and numerous transactions relating to its real estate portfolio (including residential), with a particular focus on VAT, SDLT, capital allowances, capital gains and other real estate tax aspects.
• Acted for a major REIT (with a multibillion-pound real estate portfolio) on several high-value transactions, including, in particular, on VAT and SDLT aspects of a major mixed use development major lease regearing and sale of land for a major government infrastructure project.
• Acted for a major REIT (with a multibillion-pound real estate portfolio) on several high-value transactions, including, in particular, on VAT and SDLT aspects of a major mixed use development major lease regearing and sale of land for a major government infrastructure project.