Solicitors for the Conveyancing for Purchase of Colonnades, Bywater

Award outcome

Description

To provide conveyancing and legal advice to the Staffordshire Pension fund on the purchase of a property valued at approx. £37m. Acquisition of x2 freehold titles of a commercial multi-let site (with key food store, retail/restaurant units, a gym, and a former pub to the rear). All the residential blocks have recently been sold off via an overriding 999 year lease at a peppercorn rent. Therefore, the interest being acquired is the freehold of the entire 3.4 acre block, subject to that new lease, with the freeholder retaining the commercial element. The site was developed in two phases in accordance with an overall single scheme and whilst there is an obvious vertical separation to the uses, there are also horizontal separations. The two main areas for the latter are a large basement car park (included within the supermarket occupational lease), and also residential accommodation above the supermarket which are included within the residential headlease. VAT Position - TOGC, Capital Allowances - s198 election (£1). To include Site inspection - Due to the shared parts within the property, it is strongly recommended that whoever is to deal with this transaction attends the site in London at an early stage in the process and visits the property (to aid understanding of the residential headlease). Services to include; • Full title, construction and planning due diligence. Note we have assumed the defects liability period (normally 12 months) has ended such that construction due diligence will focus on the warranty coverage for the next 6-12 years • Negotiating the contract and transfer • Advising on the SDLT and VAT position • Preparing a full transaction report • Inputting into any pension fund approval processes • Liaising with your other professional advisers including the managing agent • Submitting any SDLT (subject to receipt of relevant funds) • Registering the acquisition at the Land Registry Due diligence on the property acquisition including; a. Blocker Structure - b. Insurance - c. Service Charge - d. Cladding - the residential leases on a "pepper pot" basis, effectively assessing a percentage of them to check the main provisions in each. However clearly this is something we would agree with you after reviewing the number of residential leases involved. This is in addition to the normal due diligence process which will include: e. Ensuring title is institutionally acceptable f. Carrying out full construction and planning due diligence and ensuring a set of institutional warranties is available g. Reviewing all of the commercial leases ( presumably the real financial driver for the acquisition) to ensure they are institutionally acceptable and that the rents and rent reviews, terms, etc align with what is expected h. Assessing the tax position

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