Thomson Snell & Passmore acted for a family business in connection with a £13m sale of a large industrial warehouse to a nationwide housebuilder. The sale was structured as a sale and lease back and certain commercial space was leased back to the seller by the housebuilder. The seller intends to continue to let this commercial space as an investment property.
Part of the sale price due to the Seller was left outstanding and Thomson Snell & Passmore advised in connection with the legal charge to be taken over the site to secure the deferred payment. We also advised the seller on the overage agreement which may entitle the seller to additional payments from the housebuilder once planning permission for development has been obtained.
Our experience in property development, sales and leasebacks and real estate finance ensured that the seller achieved what it set out to.
We are now dealing with utility company agreements relating to the development and on the preparation of a lease of the commercial space.