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Lawrence Stephens appoints Memery Crystal Real Estate team

Posted on: January 31st, 2025 by Natasha Cox

Farringdon based full-service law firm Lawrence Stephens is pleased to announce the appointment of Directors John Aynsley, Chris Cagney, Matthew Hind, Nickhil Mandora and Sam Silverman to their Commercial Real Estate department, who all join from the highly regarded Real Estate group at Memery Crystal.

John Aynsley was previously Head of Real Estate at Memery Crystal, specialising in the acquisition, disposal, development, regeneration, financing, and management of high-value assets in commercial real estate. He acts for clients ranging from international real estate funds and listed house builders to private investors.

He is joined by fellow Directors:

  • Chris Cagney, who has extensive experience in a range of commercial real estate matters as well as advising on development projects and property finance transactions.
  • Matthew Hind, who specialises in general commercial real estate with a mixture of investment, development, finance, occupier, and management work. He also has considerable experience dealing with distressed real estate on behalf of banks and insolvency practitioners.
  • Nickhil Mandora, who acts for a wide variety of clients ranging from retail landlords and tenants to institutional lenders and property developers. 
  • Sam Silverman, who has acted for major international and domestic clients including developers, funds, corporate occupiers and supermarkets within the office, industrial and retail sectors.

Commenting on his appointment, Director John Aynsley stated: “We are very pleased to join Lawrence Stephens at this important moment for the firm. Their extraordinary growth over recent years is evidence of their ambition and can-do attitude, which we share and clients clearly love. We look forward to building on what are already strong foundations and working closely alongside the rest of the Lawrence Stephens team.”

Managing Director Steven Bernstein commented: “We are delighted to welcome John and his team to Lawrence Stephens. Their arrival coincides with a period of exciting growth for the firm and will provide both bench strength to our existing team as well as extending the range of expertise and experience we can now offer to both existing clients and new prospects.”

Danny Schwarz and Sophie Levitt discuss how the rise in NICs will affect property investors and landlords, in FT Adviser

Posted on: January 13th, 2025 by Natasha Cox

Head of Commercial Real Estate Danny Schwarz and Solicitor Sophie Levitt discuss how the increased rate of employer Class 1 national insurance contribution rates will impact property investors and landlords.

Danny and Sophie’s article was published in FT Adviser, 13 January 2025.

NIC Rate Hike: UK businesses brace for landlord and tenant turmoil

Rachel Reeves presented her Autumn Budget 2024 to Parliament on 30 October, to a mixed reception. One of the most controversial changes announced was that the government will be increasing the rate of employer Class 1 National Insurance Contribution (NIC) rates from 13.8% to 15%. The current rate of 13.8% is payable on the amount that an employee’s earnings exceed the secondary threshold of £9,000 per year/£175 per week. However, the increased rate will be 15% and the secondary threshold will be reduced to £96 pounds per week/£5,000 per year. These changes to employers NIC rates will come into effect on 5 April 2025, however are already posing concerns for the UK’s retail and hospitality sector.

While the increase in employer NICs aims to raise revenue for vital services, such as the NHS, and may increase funding for contributory benefits, such as the State Pension, the measure could have a profound effect on retail and hospitality businesses due to the increasing costs such businesses face and may result in shop closures, and others feeling the strain.

As a result of these changes, it is vital that property investors and landlords consider how these measures will impact their buying strategies, and tenants may well consider renegotiating their lease agreements to offset the higher operational costs which may otherwise impact their businesses.

For landlords and tenants alike, these reforms pose a number of challenges.

Operational costs

The prospect of raising employer National Insurance costs could prove to be a major setback for businesses. As a result of these reforms, businesses could be forced to face higher operational costs due to increased NICs, which would reduce their profit margins and place a greater strain on their livelihoods. For instance, it has been estimated that Tesco alone could face a £1 billion pound increase in its National Insurance bill over the course of this parliament.

Smaller and medium-sized enterprises (SMEs) are expected to be the most severely impacted as a result of these changes. SMEs often operate on tighter profit margins and many such businesses will therefore be forced to decide whether to fund the higher NICs by operating on reduced profits, cutting back on expenses or increasing their prices.

As a result, a phased introduction of the NIC threshold may be a better way for businesses to absorb the costs without passing them on to consumers in the form of higher prices.

Price increases

If a retail business opted to increase their prices of goods and services to offset the higher costs, consumer spending and demand could also be impacted as a result of the NIC hikes. Higher prices could exacerbate the cost-of-living crisis, making everyday items more expensive for shoppers.

It therefore comes as no surprise that more than 70 of Britain’s largest retailers have signed an open letter to warn the Chancellor that the NIC hike may lead to price increases and job losses throughout the high street. Some of the signatories included Aldi, Lidl, Boots, Ocado, Morrisons, Greggs and JD Sports – all of whom share concerns about the viability of such proposals.

Lease agreements

Business tenants who face the higher operational costs from the increased NIC rates may also seek to renegotiate their lease terms as a result of these changes. This could potentially lead to more flexible or reduced rent agreements since landlords are likely to be reluctant to lose longstanding tenants and will want to avoid being left with vacant properties and no rental income.

There are several ways for landlords to offer incentives and concessions to tenants to help them through this new financial burden. Temporary rent reductions could help tenants manage their cash flow during challenging times. Landlords could otherwise offer reduced rent for early renewal, waive certain fees or provide additional services such as maintenance.

Consequently, the terms of the lease could be made more manageable for tenants.

Rent arrears

Moreover, under the strain of these measures, certain landlords may also be less willing to renegotiate their lease terms and tenants may struggle to absorb the additional costs. Tenants, particularly in the retail and hospitality sectors, may be unable to generate enough income to meet their rent obligations. This could lead to higher rates of tenant defaults, leaving landlords with no choice but to forfeit their leases and to re-market the property. If landlords were left with no rental income, this would place a further strain on their finances.

There would also be additional expenses including administrative costs and legal fees when dealing with tenant defaults.

The fact that the British Retail Consortium is seeking a meeting with the Chancellor to discuss their concerns about the increased NIC rates, is proof that the scale of the new costs has the potential to cause severe financial hardship across different businesses.

Property transactions

The hike in NIC rates could affect the overall cost structure of property transactions and lead to higher property prices for buyers and sellers. Buyers may face higher purchase prices, which can affect affordability and demand in the property market. This could create a more challenging environment for property transactions, with reduced demand leading to slower market activity. 

If property investors and developers must operate on reduced profit margins, therefore, certain projects may seem less attractive or viable. This could lead to a decrease in the number of new development projects.

Higher NIC rates would also likely lead to increased labour costs for property investors and developers. This would inevitably make construction and development projects more expensive, potentially leading to higher prices for new properties.

Additionally, higher costs may be reflected by the fees of the professionals who are involved in the development projects, such as surveyors, architects and contractors.

Reduced investment

With increased costs due to higher NIC rates, landlords and tenants may also reduce investments in property improvements, expansions, or new technology, potentially slowing growth and innovation in the sector. The NIC rate hike has the potential to exacerbate economic uncertainty and make buyers, sellers and investors more cautious.

It is highly likely, therefore, that the changes will affect the overall health of the property market and have a significant knock on effect on the UK’s retail and hospitality sector.

Potential for legal disputes

Unsurprisingly, therefore, changes implemented as a result of the Budget could lead to legal disputes over lease agreements, employment terms and other obligations as parties adjust to the new financial landscape. There is also potential for businesses to struggle to comply with these new NIC regulations, which could lead to disputes with HMRC over unpaid contributions or penalties for non-compliance.

It is vital that businesses stay updated with the latest NIC regulations to ensure that they remain complaint. Payroll systems will need to be reviewed and updated to reflect the changes in the NIC rates. Compliance will reduce the risk of disputes arising from regulatory issues and will ensure a smoother operation of business.

Navigating the increased secondary NIC liability

As a result of Reeves’ proposals, the UK government estimates that 940,000 employers will face an increased secondary NIC liability. It is therefore inevitable that businesses across the UK and especially SMEs are feeling the pressure of this financial burden. It is essential for businesses to consider a variety of cost saving measures and to save price increases and redundancies as a last resort.

Landlords must also take a balanced approach and agree to renegotiate their lease agreements with loyal tenants if it is reasonable to do so. Landlords may be able to offer more flexible payment plans or allow temporary reductions with the agreement to recoup the difference at a future date.

However, maintaining open and transparent communication is fundamental.

Landlords and tenants should discuss the financial challengers together to find mutually beneficial solutions. By adopting this strategy, landlords can help their tenants through financial hardship whilst maintaining occupancy and fostering positive landlord-tenant relationships.

Looking ahead

Unsurprisingly, the proposed NIC hikes has provided cause for concern for many UK businesses in the retail and hospitality industry. From the impact on operational costs to the risk of litigation, there are a plethora of factors that must be considered if businesses are to weather the storm and remain both profitable and compliant.

In order to navigate these choppy waters, it is therefore vital that businesses seek tailored legal advice concerning their employment obligations and property agreements to ensure that they are braced for the upcoming changes and able to tackle the issues head on.

For more information on our Commercial Real Estate services, please click here. For our services in the Retail and Hospitality sector, click here

 

Lawrence Stephens advises The Cotswold Company on the expansion of its omni-channel presence

Posted on: December 19th, 2024 by Natasha Cox

Lawrence Stephens has advised The Cotswold Company, the well-known premium furniture and homeware brand, on commercial contracts to support the expansion of its omni-channel presence through third party retailers. The company has launched its products on NEXT.co.uk and with John Lewis & Partners online, alongside the introduction of a dedicated brand space within the iconic Peter Jones store in Chelsea.

Founded in 1996, The Cotswold Company offers a range of thoughtfully designed furniture, with a focus on quality materials and craftsmanship. These contracts mark the brand’s first entry onto third-party retail platforms, complementing its fast-growing e-commerce site and 10 UK showrooms.

In a recent article in Retail Week, Cotswold Company chief executive Ralph Tucker said: “With our new partnerships with John Lewis Partnership and Next – both of which have gone live in time for Christmas – we’re making tangible steps towards delivering growth and becoming one of the UK’s leading premium homeware brands.”

Rachael Pinchbeck, Head of Commercial Finance, The Costwold Company said “Bradley and Craig were a pleasure to work with. Their contractual expertise and retail experience resulted in the smooth and timely completion of contracts ahead of our successful launches. We look forward to working with Bradley and the Lawrence Stephens team on future projects.”

Director Bradley Lee advised on the commercial contracts, while real estate advice was provided by Director Craig Mullen.

Danny Schwarz and Stephen Dodge discuss the redevelopment of Oxford Street in Property Week

Posted on: October 2nd, 2024 by Hugh Dineen-Lees

Head of Commercial Real Estate Danny Schwarz and Trainee Solicitor Stephen Dodge explore the proposed pedestrianisation of Oxford Street, and discuss its potential impact on London’s retail and hospitality sectors, in Property Week.

Danny and Stephen’s article was published in Property Week, 2 October 2024, and can be found here.

Facelift will revive Oxford Street

Some shops may lose out, but pedestrianisation plan will broaden iconic retail destination’s tenant mix.

Last month, London mayor Sadiq Khan announced radical plans to pedestrianise London’s iconic Oxford Street. This proposal, Khan’s second for the famous high street, appears likely to succeed thanks to a Labour-led Westminster council, and for Oxford Street the timing could not be better; it is ripe for revitalisation.

The pandemic resulted in a slew of notable Oxford Street shop closures. With tourism statistics showing footfall is still yet to fully recover, it is clear that the retail district is struggling. This is hardly surprising; Oxford Street is often not London’s most desirable destination. Its pavements are cramped, the thoroughfare is plagued by antisocial drivers and the shopfronts are infested with much-derided American candy shops.

So, how will pedestrianisation breathe new life into Oxford Street? Case studies on the pedestrianisation of locations such as nearby Carnaby Street or Copenhagen’s Strøget Street are telling. Despite objections from business owners, particularly restaurateurs, these streets were closed to traffic and experienced significant increases in footfall. Local businesses benefited from an increase in customers.

However, there are risks involved in this latest proposal for Oxford Street. Prior to the announcement of plans for pedestrianisation, the post-pandemic rebound was in full swing on the street. Property vacancies are down 40% from 2023, with leasing activity breaking records in that year and remaining high now. With rents rising for commercial tenants on and around Oxford Street, mere speculation on the pedestrianisation proposal is likely to see rents continue to spike. The value of freehold titles could similarly creep upwards.

Tenants subject to upcoming rent review may see rates rise far beyond their short-run means and there is a risk that landlords may see an opportunity to trade up tenants, exercising break clauses to hike rents. Property lawyers will be busy with a flurry of breaks, renewals and disputes.

However, tenants on fixed rents may be buoyed by increased footfall and have a highly profitable few years. Tenants with high-volume businesses also stand to win regardless of their rents, as greater footfall will correlate directly to sales.

Winners and losers
Unfortunately, not everyone will be a winner as a result of Khan’s proposal. Low-volume luxury shops are often more reliant on patronage from customers who arrive by car and may prefer to move elsewhere, as their clients will not wish to brave crowds. At the other end of the spectrum, accessibility will be hampered by pedestrianisation, further inconveniencing those reliant on cabs or buses.

If these long-standing and successful luxury businesses fail, landlords will be seriously affected. Those who relied on the status quo, and did not obtain adequate guarantees or security at their last lease renewal, may also find themselves as low-ranking creditors in protracted insolvencies.

What is clear is that disruption creates opportunity and Oxford Street has already begun to change – no longer are all leases on the high street exclusively for retail use. Parts of John Lewis and similar buildings are being converted to office space, bringing a new type of consumer to the area, while parts of Debenhams are being converted for leisure use, alongside the openings of new entertainment venues. Spaces left behind in the ongoing – and welcome – retreat of American candy shops are similarly ripe for conversion into cafés, which could apply for pavement seating.

A new type of tenant, with a new clientele and different priorities, is coming to Oxford Street. Landlords may find it difficult to adjust to this new normal, but those who can be flexible and see the potential in their new tenants stand to gain from the new face of London’s iconic retail district.

If you would like further information regarding your obligations as tenants/landlords of retail spaces, please contact a member of our Commercial Real Estate team.

Danny Schwarz and Sophie Levitt discuss the proposed outdoor smoking ban in The Times

Posted on: September 26th, 2024 by Hugh Dineen-Lees

Director and Head of Commercial Real Estate, Danny Schwarz, and Solicitor Sophie Levitt discuss the potential impact of the proposed outdoor smoking ban on the hospitality sector, as well as the legal implications for landlords and tenants, in The Times.

Danny and Sophie’s article was published in The Times, 26 September 2024.

Ministers are considering imposing stricter rules on outdoor smoking to reduce the number of preventable deaths connected to tobacco use. There are no final plans, but smoking could be banned in pub gardens, outdoor restaurants and sports grounds.

The proposed ban appears as a puritanical tendency to reach for authoritarian solutions to complex public health problems. When politicians choose to cement their intolerance of the behaviour of others through legislation, it restricts individual freedom, further eroding people’s right to choose what they can do and where they can do it.

Arguably, such misuse of state control is antidemocratic: an extreme anti-smoking agenda which is not supported by scientific evidence that smoking in the open air creates any quantifiable threat to public health.

And now the British Beer and Pub Association (BBPA) is pleading with the government to abandon plans for greater smoking restrictions in pubs since it would affect their viability as businesses. But not all pubs would be impacted equally by such a ban. For instance, gastropubs are less worried about a slowdown following the ban, given the focus of their business on serving full meals, typically indoors.

While there is some disagreement within the hospitality industry regarding the precise impact of such a ban, there is a broad consensus that beefed up rules need to be clearly worded and ‘outdoor area’ must be precisely defined to minimise uncertainty.

A pub garden smoking ban could affect both landlords and tenants. If the ban has a heavy impact on the viability of tenants’ businesses, they may be unable to generate enough income to pay their rent. Landlords may have to forfeit leases, leaving them with vacant possession and the need to remarket the property.

Tenants would be obliged to comply with the smoking ban, which could be outlined expressly in leases or implied under a compliance with laws clause. If the tenant used the property in a manner which was not permitted, the landlord could forfeit the lease and end the unlawful use. Alternatively, the landlord could claim damages if they suffered any loss because of the tenant’s breach.

While the government’s proposals have received support from public health experts, many landlords, operators and customers have voiced concern that the rules would be unenforceable.

Bar staff would have to police this ban in addition to their existing obligations. Smokers would crowd on pavements outside of pubs, which would cause disturbance and nuisance to neighbours, or breach licence conditions, particularly in residential areas. Smoking could also be prohibited in parks and therefore create confusion in public spaces as it would be difficult to police.

If you are needing advice on matters relating to the hospitality sector or the legal obligations of landlords and tenants in commercial real estate, please contact a member of our Commercial Real Estate team.

Successful completion of another significant funding facility for Blue Shield Capital

Posted on: May 30th, 2024 by Natasha Cox

We are thrilled to announce the successful completion of another significant funding facility for Blue Shield Capital.

This £8.8 million facility supported the acquisition of a prime £11 million mixed-use site, featuring office spaces and a Premier Inn hotel, arranged over ground and five upper floors.

The transaction was carefully and painstakingly negotiated up to the deadline, with our dedicated banking and real estate teams showcasing incredible expertise and commitment to bring this deal to a successful close.

Ajoy Bose-Mallick Director and Head of Banking led the team with assistance from Senior Associate Ashley Wright & trainee Alex Ruder on banking and Paul Marsh Director and Rachel Coulthard Senior Associate on real estate.

Commenting on this transaction, Ajoy Bose-Mallick said “this highlights our firm’s capability to call upon its cross-departmental expertise under tight deadlines and the combined team’s dedication and expertise were instrumental in navigating the complexities of this high value transaction, ultimately securing a successful outcome for the Blue Shield Capital loan and a successful acquisition for the borrower.”

Stephen Messias and Goli-Michelle Banan ranked in Spear’s Property Index 2024

Posted on: March 13th, 2024 by Maverick Freedlander

We are delighted to share that Director and Head of Residential Real Estate Goli-Michelle Banan and Director in our Commercial Real Estate team and Co-Founder of Lawrence Stephens Stephen Messias have been ranked in the Spear’s Property Advisers’ Index 2024 as Top Recommended Property Lawyers.

The Spear’s Property Advisers’ index recognises the best advisers to buy, sell, manage and invest in super-prime property in London, the UK and abroad. 

These rankings are decided on the basis of peer nominations, client feedback, interviews, data supplied by firms, and extensive research by Spear’s.

Click here to see the full rankings.

Lawrence Stephens acts for Gibson on new Gibson Garage opening

Posted on: February 23rd, 2024 by Maverick Freedlander

We are delighted to share that Lawrence Stephens assisted Gibson, the world-famous guitar manufacturer, in the opening of its new retail concept, Gibson Garage, the first outside of Nashville on Eastcastle Street, in the heart of London.

Director and Head of Commercial Real Estate, Danny Schwarz, handled the leasing aspects. Tom Pemberton, Director in the Construction and Development Finance department, facilitated the construction element.

Lawrence Stephens has acted for Gibson for over 15 years and oversaw the move of its showroom from Rathbone Street to Eastcastle Street, which has been in the making for over two years, with the official opening taking place on 24 February. We are very excited to continue to be part of the Gibson journey.

Click here to learn more about the Gibson Garage London.

Lawrence Stephens completes warehouse lease for LT Foods Europe

Posted on: December 6th, 2023 by Maverick Freedlander

We are pleased to announce that Lawrence Stephens’ Commercial Real Estate team have recently completed the new lease of a warehouse site for valued client LT Foods Europe Holdings Limited.

LT Foods, an established global food company, currently manufacture and distribute the leading rice brand in India and are the number one speciality food brand in the U.S.  Located in Harlow, the 90,000 square feet warehouse will be used for the storage and manufacturing of rice and other food products, allowing the company to fully establish its UK business and presence.

Working hard to get this deal across the line, the team from Lawrence Stephens was led by Directors Danny Schwarz and Nisha Saigal, with assistance from trainee solicitor Alex Ruder.

Nisha Saigal commented: “We are delighted to have completed this deal for LT Foods Europe. Through this new lease, the company will be able to substantially expand its offering and establish its UK business – a bright future ahead!”

Chairman, Vijay Arora at LT Food Holdings commented: “As we take the next steps for our company, the new warehouse lease will allow us to grow and strengthen our business in the UK. The assistance and advice from the team at Lawrence Stephens was truly invaluable in securing the swift and effective completion of this deal.”

Nick Marshall comments on downsizing in StartUps.co.uk

Posted on: August 23rd, 2023 by AlexT

Director Nick Marshall explores some of the key considerations businesses must bear in mind when looking to downsize or relocate, in StartUps.co.uk.

Nick’s comments were published in StartUps.co.uk, 22 August 2023, and can be found here.

“The decision for companies to relocate is now influenced by factors beyond just hard cash.

“For many businesses, there are a number of positives to downsizing and chief among these is the ability to bring down overhead costs, including rent, service charge, insurance premiums, business rates and utilities, as well as furniture and IT equipment.

“Other benefits include the flexibility offered to employees by hybrid working plans and the associated benefits for mental health and wellbeing, and a decreased number of trips to the office – cutting down on commute costs, time and carbon footprint.

“This is not to say the downsizing is purely beneficial for businesses and, in many cases, the decision to downsize is easier said than done, and businesses who rent their office space must be wary of the fact that they are tied down by often lengthy leases which they can’t get out of at short notice, simply to reduce overheads.

“Often there are also additional costs associated with leaving a lease early and, given it is usual for at least 6 months’ notice to be given to a landlord, cost savings are not going to be immediate. Tenants may also find themselves having to make a large payment to its landlord for dilapidations, even after they have relocated.

“Downsizing may also have a negative effect on office culture and wellbeing, alienating the very people that generate and process the business. Younger employees may also find their development stunted by the move to working from home on a permanent or semi-permanent basis, and it is vital that the decision to downsize does not have a negative impact on such staff.

“Finding the balance between these factors will no doubt be crucial in a company’s decision to downsize.”

Andrew Conway comments on Twitter’s rent dispute at their London HQ in The Next Web

Posted on: January 27th, 2023 by Natasha Cox

Asked about the possible motivations behind Twitter’s non-payment of rent with reference to a recent article reporting on it, Andrew comments: “Twitter is clearly looking to cut costs, so this must be the primary motivation. The article says that Twitter has abandoned its offices near Piccadilly Circus so, presumably, there’s no intention to re-occupy (or negotiate better terms).

“However, unless the landlord forfeits the lease (that is, taking back the premises, so it can be re-let to other tenants) or agrees to accept a formal surrender of the lease, Twitter will remain liable to pay the rent for the remainder of the term of the lease. Surrender/forfeiture act so as to bring the lease to an end. A tenant will be liable to pay rent (and other sums due under the lease) up the date of surrender/forfeiture but not beyond.”

Commenting on the increase in unpaid rent more broadly, Andrew explains: “during the pandemic, lots of tenants will have withheld payment of rent, primarily for cashflow purposes. The government introduced temporary measures which prevented landlords from forfeiting leases. Those restrictions came to an end on 25 March 2022.

“It also introduced measures which provided for certain rent payable by certain tenants (primarily in the leisure/hospitality sector) over a specified period to be ‘ringfenced’. Landlords and tenants were encouraged to try to agree how much of that rent would be paid (and on what terms). Absent any agreement, the matter could be referred to arbitration. However, those measure have also now come to an end.”

Regarding the potential legal ramifications of Twitter’s non-payment of rent, Andrew states: “non-payment of rent can give rise to forfeiture or Court proceedings for recovery of the arrears (as in this case). However, unless a landlord thinks that it can re-let the premises fairly easily, there would seem little point in forfeiture. A landlord will be left with empty premises on which it will have to pay business rates after three months.

“Moreover, empty premises are more susceptible to occupation by squatters. Many landlords are taking County Court to recover arrears, so that they can obtain a money judgment which they can look to enforce. Ordinarily, a landlord will have 6 years in which to enforce a money judgment.

“A landlord might seek to wind-up a tenant company that fails to pay a judgment debt.  I don’t imagine that Elon Musk will allow Twitter to be wound up for failing to pay rent. However, I suspect that the tenant company in this case is a group company and liquidation won’t impact on the main trading company.

“So, save for reputational damage, there may be no risks here.”

Asked about the course of actions courts will be forced to take in these proceedings, Andrew explains: “the Court won’t take action as such. It will be for the landlord to commence proceedings and Twitter may or may not defend the claim.

“If the claim is undefended, the landlord will obtain a default judgment which it can subsequently look to enforce. If the claim is defended, it probably won’t be heard for at least 18 months, unless the landlord makes a successful application for summary judgment on the grounds that Twitter has no real prospect of successfully defending the claim at trial.”

Finally, commenting on what this case means in the broader landscape of property law, Andrew concludes: “it’s virtually impossible to comment on this without knowing the basis of the claim and, more importantly, the grounds on which Twitter defends the claim.

“That said, I can’t think of any basis on which Twitter might successfully defend any claim for payment of rent arrears, so I don’t imagine this case will be ground-breaking. It’s newsworthy simply because of who the tenant is.”

Andrew’s comments were published in The Next Web, 27 January 2023.

Lawrence Stephens completes sizable transaction for Tri Capital Properties

Posted on: January 6th, 2023 by Natasha Cox

Late December 2022, Lawrence Stephens’ Commercial Real Estate team acted on behalf of Tri Capital Properties on the purchase of a mixed-use office investment for commercial and residential tenants.

The team was led by Director, Craig Mullen with assistance from Senior Director, Stephen Messias, Senior Associate, Angela McCarthy, Associate, Ana Aller and Trainee Isabella Tamlyn. The deal was exchanged at 11.30 pm on 21st December 2022 with completion taking place moments later, just before the midnight deadline.

The property boasts great views over Regents Canal, split into 4 separate buildings, comprising circa 30,000sqft of office, retail and residential use classes, and commanded huge demand. With multiple prospective buyers, it was crucial for the Lawrence Stephens team to act swiftly on behalf of Tri Capital Properties to maintain their position in the UK property arena.

Craig Mullen, Director in the Commercial Real Estate team comments: “It was a pleasure acting on behalf of the ambitious team at Tri Capital Properties. We’re thrilled they’ve been able to snap up this exciting asset management opportunity and we look forward to working with them on many more transactions”.