We helped the property investor and developer, Gosport Property Limited, with the purchase of a former McDonald’s unit on Gosport High Street. We provided advice on all the legal aspects of the purchase, which was planned as part of a renovation and resale project.
The property was purchased subject to overage provisions (a type of clause that provides for additional payments to be made by the buyer to the seller in certain circumstances). These provisions meant that the client would not be able to sell the building in certain ways, without further payment to the seller. Thanks to the overage provisions, our client needed to deal with the property more creatively and to undertake renovation works.
We successfully completed the purchase for our client at the same time as a sub-sale of part of the property by the client to another developer. The other part of the property was renovated by our client to form two new retail units, which would both be let on commercial leases. The freehold was then sold at auction, and we dealt with all aspects of preparing the auction pack and sale.
By dealing with all aspects of the purchase, letting and sale of this property for the client, we developed a strong knowledge and familiarity of the building and as a result we were able to make the process as trouble-free as possible.
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- Kat McDonagh
- Senior Lawyer
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