One of the most prominent case studies which saw Partner Rashid Ali’s involvement is the purchase of the Rosehill Business Centre (RBC), the purchase price of which was a six-figure sum.
Built in 1992 to provide managed workspace for young businesses, the project was a joint venture between Derby City Council (DCC) and the Derbyshire Enterprise Board (DEB) – a private sector investor – on parcels of land owned by each party. At the time of the sale by DCC and DEB, the RBC provided in excess of 14,500ft² of office and retail space with extensive car parking facilities.
The purchase involved setting up a new company to acquire the RBC. The acquisition was funded through secured lending and this required various legal (freehold and leasehold) charges, debentures including cross-company debentures, company and personal guarantees to be put into place.
The examination of the property title to the RBC required detailed reporting on several lettings and advising on numerous planning issues both to the lender and the client. Rashid’s thorough due diligence and full examination of all matters relating to the RBC allowed the client to successfully purchase the property and obtain planning permission to expand it.
Following the expansion, Rashid was reinstructed to help refinance the lending position and release funds for further investment and development. As such, the project again involved freehold and leasehold charges, debentures, company and personal guarantees, due diligence and title examination.
The efficient and timely completion of the refinancing process allowed the client to quickly release investment sums for further expansion as well as move to a more favourable lending rate on its borrowing.