Solicitors for the Conveyancing for Purchase of Colonnades, Bywater

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;

Due diligence on the property acquisition including;

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: