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Thrings completes £26.1m sale of Bath’s Milsom Place

Thrings’ Commercial Property team advised L&R Group on the sale of Milsom Place. TIAA Henderson Real Estate purchased the iconic retail destination in the heart of Bath city for £26.1m.

Business buildings

Background

Private developers L&R Group built the Milsom Place estate over a number of years, acquiring and developing a series of listed buildings to link key streets and courtyards in the city centre. The Group introduced a dynamic tenant mix, including Jamie’s Italian, Carluccio’s, Cote, YO! Sushi, Cath Kidston, Hobbs, Phase Eight and a number of independent retailers and cafes.

Thrings has a long-standing relationship with Milsom Place Limited, the owners of Milsom Place. Since 2006, we have provided the retail and leisure outlet with commercial property, construction and litigation legal advice.

Our involvement

Dealing with a London-based buyer required a seamless working relationship between our Commercial Property teams in Bath and London. London-based Alison and Bath-based Charles advised the owners of Milsom Place throughout the complex transaction, working closely with the proprietors on all strategic and legal matters. This included preparing a detailed dataroom and answering additional enquiries from numerous bidders.

We also developed a strong working relationship with the legal and surveying teams on both sides, including B&NES, MMX Retail, Wragge Lawrence Graham & Co and Bruce Gillingham Pollard.

The sale’s success was conditional upon the Council consenting to the assignment of the lease. Charles and Alison worked successfully with the purchaser to explain its complex corporate structure to the Council.

As it was crucial the contracts were exchanged before Christmas, our team worked tirelessly to achieve this in a very short timeframe, exchanging contracts on Christmas Eve.

The outcome

The acquisition of Milsom Place signals an exciting opportunity not only for local people and businesses, but also for the millions of visitors the city welcomes each year.

Fergus Hobbs, Chief Executive of the L&R Group, said:We are very satisfied with the close working relationship established with Thrings, and especially with the way they handled the sale of a prestigious and particularly complicated property.”

For further commentary on this case, or to discuss any commercial property-related issue, please contact a member of Thrings’ Commercial Property team.

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