NEWS & EVENTS

13/12/2010

Powell Williams seeks out savings in property deal

Powell Williams LLP has advised on a sale and leaseback arrangement on behalf of Ropemaker Properties, the property holding company of the BP investment fund.

The Sunseeker Technology Centre in Poole, Dorset, has been bought by the investment fund from luxury yacht manufacturer Sunseeker, for £10.7m.

The practice was appointed to undertake an acquisition survey and prepare legal plans prior to purchase. Following the assessment, a retention of £500,000 was made from the purchase price which will finance remedial works which the tenant will complete. Powell Williams is also currently monitoring the programme on behalf of the new owner.

Tim Hayne, head of property at BP pension fund, added: "The expertise Powell Williams brought to this project enabled us to improve the condition of the building, bringing it up to a satisfactory level. We are confident in having appointed the consultancy to draw up and monitor the remediation works, that the value of the property will increase in the longer term."

Sunseeker

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