Rashid Ali acted in the purchase of the iconic Derby Telegraph Building, which was home to the Derby Evening Telegraph for 34 years between 1981 and 2014.
The purchase involved setting up a new company to acquire the building, with the purchase price standing at a significant six-figure sum.
The property abuts the River Derwent and this required considering and advising the client on a number of flooding risks and planning issues. Additionally, the site also abuts railway tracks and due diligence uncovered covenants that, if activated, could cost hundreds of thousands of pounds.
These covenants had not been identified by the seller in its acquisition of the property. Rashid successfully obtained an appropriate insurance policy, protecting the client’s investment and providing future tenants with the security and confidence to take on new leases and invest in the property. The insurance policy also ensured that the client would be able to secure lending against the property in the future.
As part of a larger estate that is subject to a public footpath and foot bridge, the transaction involved the reservation and granting of various services. Rashid considered all factors affecting the property, including the occupational leases and proposed use of the property by the client.
Following the acquisition, Rashid worked closely with the client on finding suitable long-term uses for the lease space. This led to granting a lease for a premium banqueting conference and banqueting hall with a capacity of more than 1,000 people.
As a result of a refurbishment costing in excess of £1,000,000, the Grand River Suite was officially opened in January 2019, establishing itself as one of Derby’s largest premium venues for banqueting and conferences.