We advised a property developer on the unconditional acquisition of a part-built mixed-use development, with an anticipated Gross Development Value (GDV) of approximately £25.5 million.
Our instructions covered the initial acquisition, the putting in place of development finance and associated security package, and the exit re-finance following practical completion (PC), providing end-to-end legal support across the lifecycle of the project.
Acquiring a part-built scheme on an unconditional basis presents increased legal and commercial risk and those had to be managed by us within tight timescales.
Key challenges included:
Managing risk associated with an unconditional purchase of a partially completed scheme
Co-ordinating acquisition and development finance concurrently
Structuring lender security over a mixed-use asset
Ensuring the scheme was refinance-ready upon practical completion
We provided integrated commercial property and real estate finance advice throughout the transaction.
Acquisition
Development Finance
Exit Re-Finance
The acquisition completed successfully, enabling the client to proceed with completion of the development works. The development finance was put in place on time, and following practical completion, the scheme was successfully refinanced.
If you are acquiring, funding, or refinancing a development or mixed-use asset, our commercial property and real estate finance team can provide clear, commercially focused legal advice at every stage.
Contact us today for a confidential discussion about how we can support your next development or investment project.
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over 15 years, simply the best.” Diana Greenham and her team at Ashworths have been fantastic in supporting and guiding us through the conveyancing requirements for our property. They were exceptionally thorough, efficient, and professional throughout the entire process, and always supportive and kind. Their expertise and ability to handle questions and resolve issues were truly impressive.
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In handling my commercial leases and property transactions, Brendan at Ashworths Solicitors has demonstrated an exceptional level of professionalism and expertise. He approaches every matter with precision, efficiency, and a clear focus on achieving…
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