Law firm advises on £18.6m property deal | 04 October 10
PROPERTY experts at law firm Ward Hadaway have advised on a multi-million pound deal at one of the North’s most prestigious developments.
A team from the Leeds office of Ward Hadaway advised developer Allied London on the sale of a building at the Spinningfields development in Manchester.
No 1 The Avenue, which is close to the Deansgate area of Manchester city centre, has been bought by Warwick-based IM Properties for £18.6m.
Ward Hadaway property partner Judy Fawcett led the firm’s team providing legal advice to Allied London on the multi-million pound deal.
Judy said: “We were delighted to be able to assist Allied London on this significant sale which demonstrates the market’s appetite for this kind of high quality commercial property.
“No 1 The Avenue is a prestigious piece of real estate in an excellent location.”
The 41,000 sq ft building includes an 8,000 sq ft ground floor retail store which has been let to Armani on a 16-year lease.
Other high-end retailers at Spinningfields including DKNY, Oliver Sweeney, Mulberry, Flannels, LK Bennett, All Saints and Brooks Brothers plan to open in the Avenue before Christmas.
Hairdressing salon Nicky Clarke and jeweller Phillip Stoner have also taken space.
The upper floors at No 1 The Avenue have 26,500 sq ft of new Grade A office accommodation.
Brian Green, property consultant at Ward Hadaway, has been advising Allied London on the 22-acre Spinningfields site since its inception in 1999.
He said: “With the high quality construction and a raft of big-name retailers signing up to take space at Spinningfields, it is unsurprising that No 1 The Avenue proved to be an attractive acquisition.
“Thanks to the hard work and specialist experience of our team at Ward Hadaway, we were able to play our part in ensuring that the sale ran smoothly.”
Spinningfields is one of the largest and most prestigious developments undertaken in the North over the past decade.
The site has been hailed as Manchester’s Canary Wharf and is home to a range of financial and professional services firms, as well as upmarket shops, restaurants and apartments.
As well as working on Spinningfields, Brian Green has more than 25 years’ experience in the commercial property sector.
He has advised on shopping centre and supermarket developments across the country as well as on multi-million pound property portfolio acquisitions and management.
Judy Fawcett, who led on the sale of No 1 The Avenue, specialises in advising clients with large operational property portfolios and has worked for household names in retail, investment funds, insurance, and other clients in the financial services industry.
Other experienced property partners in Ward Hadaway’s Leeds team include Stephen Richardson, former head of the Leeds Occupiers Team at Eversheds law firm, Philip O’Loughlin, one of the North’s leading property litigation lawyers and Kevin Weston, who has over a decade’s experience practising in the Leeds property market advising clients from the public and private sectors.
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