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 ÃÂ£10.7m.
The practice was appointed to undertake an acquisition survey
and prepare legal plans prior to purchase. Following the
assessment, a retention of ÃÂ£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."