Provision of Conveyancing and Legal Advice for Exeter Logistics Park Purchase
Awarded 19 Nov 2024
About
Staffordshire County Council awarded a contract to Browne Jacobson solicitors for conveyancing and legal advice to the Staffordshire Pension Fund on the purchase of a prime large industrial/warehouse property in Exeter, Devon, for a purchase price of £25.1m.
The property is held on a long leasehold (999 years) and will be a TOGC.
The property comprises three let units: a secure open storage site extending to 5.99 acres (2.43 Ha); a distribution warehouse totalling 54,771 sq ft GIA with two storey office accommodation on a site measuring 6.93 acres (2.80 Ha); and a distribution warehouse totalling 29,082 sq ft GIA with two storey office accommodation on a site measuring 1.71 acres (0.69 Ha).
Services included full title, construction and planning due diligence; negotiating the contract and transfer; advising on the SDLT and VAT position; preparing a full transaction report; inputting into pension fund approval processes; liaising with other professional advisers including the managing agent; submitting any SDLT (subject to receipt of relevant funds); and registering the acquisition at the Land Registry.
The contract value was £47,000.
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