Mixed use City Centre Developments
Ian acted for the purchaser on the acquisition of this £40 million new build mixed use development scheme.
The sale was structured by the vendor (also a property developer) as a contract race and the negotiation of the contract, which was conditional on the grant of planning permission and a licence for the assignment of a lease of part of the site, required a balance of commercial insight and knowledge of the planning and internal legal procedures of the local authority as well as the usual conveyancing know-how.
Now completed, the development comprises a mixture of residential apartments, offices, retail units and hotel facilities.
Purpose Built Student Accommodation
Ian acted for the purchaser on the acquisition of a purpose built block of 48 apartments located in the heart of the student village at Manchester University. Ian’s client was a residential property developer who intended to resell the property at a profit in the short term. At the point of acquisition the block was fully let and due diligence included the review of the tenancy agreements of each of the 48 apartments. Funding was obtained from a third party who instructed their own solicitors to take a first legal charge over the property. As is often the case, the acquisition had to be completed in a very short timescale, which was achieved. The property was resold just six months later at a profit and Ian was instructed to act again for the client on the sale.
Tripartite Development Arrangements
Ian was instructed to act on behalf of a property developer in connection with a joint venture agreement relating to the development of an apartment block. The site was owned by a private individual who had agreed to make the property available for development. A development company had separately instructed a firm of architects to prepare the application for planning permission for the proposed development, had prepared the plans and specifications for the apartment block, had obtained building regulations consent and had agreed to project manage the development. Ian’s client had agreed to fund and carry out construction of the development. Ian’s client, the land owner and the development company were each entitled to ownership of one apartment in the block once completed. The joint venture agreement included provisions for the parties to enter into a JCT Agreement, for the grant of leases of the apartments once the development was complete and for the grant of a legal charge as security for Ian’s client. Ian was also instructed to set up the development and he drafted the standard form of apartment lease, formed the management company for the development, investigated title and arranged title indemnity insurance.
The development is now fully occupied.
