Contributors
Womble Bond Dickinson has advised private property investment and development company Buccleuch Property on its acquisition of a retail and trade park in Gateshead for £5.5m.
The Allison Court Trade Centre boasts 44,500 sq. ft. of retail space and eleven fully occupied units with tenants including Halfords, American Golf, Alpkit, Pure Scooters & Bodypower Sports.
The WBD team advising on the purchase was led by managing associate Liz Evans with the firm providing key real estate expertise.
Liz comments:
"It has been a pleasure working for Buccleuch Property on its exciting acquisition of Allison Court, which highlights the attractiveness of the regional market for high quality retail space. Our understanding of the local market coupled with our strong real estate expertise meant we were able to secure a smooth completion for all parties under tight timescales."
Philip Eves of Buccleuch Property said:
“We are delighted to have completed on the purchase of Allison Court. We are in part refocusing our acquisition strategy towards out of town retail opportunities with strong tenant demand and robust footfall.
“We believe these investments represent excellent value in the current market conditions and we intend to purchase more properties of this nature over the coming 12 months.
"WBD's expertise and due diligence throughout this process was invaluable and we're grateful to Liz and her team for their hard work and commitment."
Ranking in the UK's top 20 law firms, WBD provides legal expertise in its key sectors from across seven offices in the UK and 19 offices in the US.
