During 2007-2009 Matthew & Matthew’s commercial property department were instructed in the complicated purchase of part of the back gardens of three adjoining properties creating one large site. The conveyancing process and the purchases were synchronised by way of Option Agreements which were then extended and amended. Complicated Transfers of Part were drafted by Matthew &Matthew to ensure that our client developers could use the land for their intended purpose. The purchase was completed in 2009.
The buyers for whom we act are a well known firm of local developers who rely on Matthew & Matthew as their legal advisers for a huge volume of transactions that they are involved in year to year.
Through the development stage of the project, Matthew & Matthew dealt with the drafting and approving of an extremely complicated Section 106 Agreement and various other legal documents ancillary to this stage of the process.
The development was completed in summer 2010 and the site now holds a 63 bedroom care home which has already been sold, and 8 detached care bungalows which are in the process of being sold by our plot sales team in the commercial property department at Matthew &Matthew. The site is now worth approximately £5 million. The new development has been welcomed locally providing much needed accommodation for local residents who require day to day assistance.
Matthew and Matthew act for many well known developers and during 2006-2009 one of our biggest clients built three new industrial units to be occupied by one very well known tenant, the services of which we all use daily!
The development was several years in the making; it was just about finding the right tenant. Once the right tenant was found, the complicated legal process began, however the experienced commercial property team were able to deal with this swiftly and efficiently for our clients.
The legal worked involved initially dealing with the Section 278 Agreement for a new highway to provide access and the drafting of a new lease and a new agreement for lease together with collateral warranties in favour of the tenants together with the simultaneous transfer of the land from our clients personal name to their companies name!
The legal process was smoothly completed in early 2009 and the actual site completed shortly thereafter. The Tenants are now occupiers of the units (which are worth in excess of £2 million) bringing a much needed boost to the local economy.