Case Study: Hammerson's Victoria Gate Retail Development
Roger Hannah & Co were appointed to represent ATC Properties who owned the long leasehold interest in No 7 - 25 Eastgate, Leeds. The property was a multi let retail and office investment producing income of around £400,000 per annum.
The property was required as part of Phase 2 of Hammerson's Victoria Gate scheme being a 110,000 sq metres retail development anchored by John Lewis with a 800 space car park producing around 1500 employment opportunities. The scheme had been planned for approaching a decade, but had been delayed due to the recession. Leeds City Council's CPO powers ran out in April 2014.
After several abortive attempts to agree an acquisition of the building we began having detailed discussions with Hammersons and their representatives in the Autumn of 2013. This resulted in a transaction being negotiated at a significant 7 figure sum. Acting for the owners we provided advice and negotiated the transaction. We judged that the price agreed could not have been bettered in a formal CPO process and therefore recommended our clients to proceed at the negotiated figure.