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Real estate team supports sale of roadside convenience site

Real estate team supports sale of roadside convenience site

Our real estate team has assisted Godwin Developments with the sale of a roadside convenience site in Rushden, Northamptonshire, to the FTSE 250-listed real estate investment trust (REIT), LondonMetric Property Plc.

Godwin Developments is a national multi-sector property developer specialising in both the residential and commercial sectors. It secured the 1.7-acre Rushden site in late 2018, with the deal completing in early May 2020.

Included in the sale is a Euro Garages Limited petrol station and drive-thru coffee operator, providing the local area – and the many thousands passing through – with a range of amenities.

We advised on all legal aspects of the deal from  the initial exchange of conditional contracts for Godwin to purchase the site in 2018, the exchange of a conditional agreement for lease with Euro Garages in 2019 to occupy the site and finally the exchange of conditional contracts with LondonMetric and completion of the overall forward sale of the site in 2020.

Ben Darlow, our building communities associate, who worked on the transaction, said: “This has been a fast-paced and complex deal including a range of bespoke legal provisions. It required effective communication and a high level of coordination between all parties to see the deal over the line. It is always brilliant to have successfully advised a client on another positive result.”

Stuart Pratt, group development director of Godwin Developments, said: “We are delighted to have finalised the sale of this investment to LondonMetric.

“Despite the recent coronavirus-related challenges we have all faced, a solid effort was made by all parties in this transaction to secure a successful outcome. I would like to thank Shakespeare Martineau for their flexibility and commitment in helping us all get the deal across the line.”

Find out more about our building communities and real estate teams.

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