Fladgate has advised Audley Grosvenor Limited on a development agreement for lease with Grosvenor. This was for the acquisition of a £40m long lease interest of premises at 22 Grosvenor Square, 43 North Audley Street and 1 Lees Place, London W1 for the construction of a 32 room boutique hotel, restaurant and private members club and also involved dealing with the related acquisition finance. Boodle Hatfield acted for the landlord, Grosvenor.
Gavin Whitney, property partner and lead lawyer on the acquisition, commented: “This was a very rewarding transaction on which to be instructed given the high profile location of the intended hotel in Central London and the fact that the landlord is Grosvenor. The client and the landlord wanted the deal concluded in 2016 and we pulled out all the stops to get this done for them using members of our cross-firm hotel team.”
As well as Gavin, the Fladgate team comprised client partner Stephen Lewis on the property side and, on the financing/tax side, partners Jeremy Whiteson, Hamilton Forrest and John Forde, senior associate Melissa Needham and associates David Baverstock, Michelle Smith, Gemma Grunewald and Anthony Reeves.
Joseph Betts, a director of Audley Grosvenor Limited, commented: “Fladgate’s excellent team enabled us to get this exciting project over the line before the Christmas break and we are now looking forward to working with them as we move into the next phase of the scheme.”