Abacus Solicitors has successfully completed the £5.5m acquisition of Stewart Milne development Kaber Court and the subsequent sale of 89 apartments on behalf of a private client.
“I brought this deal to the table, looking for a firm that could assist me not only with the acquisition of the development, but also the funding, sale of the freehold and the sale of the individual flats to private investors; all within an extremely tight timescale.” says the client.
“The team at Abacus delivered on every level. They were proactive and kept me informed throughout the various stages of the project from beginning to end, a really excellent service, with structured project management and careful due diligence.”The Kaber Court development is an executive range of 99 two-bedroom apartments, with views of the river Mersey and Liverpool’s famous landmarks, including the Liver Buildings, Anglican Cathedral and Albert Docks.
Consultant Solicitor at Abacus Keith Mather says,
“Each member of our team brings to the table years of practical experience and an in-depth knowledge of the property sector, which means we have the in-house ability to turn our client’s ideas into structured and tangible deals, whether their desire is to finance, buy, sell, or invest.
The Kaber Court project was a landmark deal for the firm as we were able to structure it around the client’s needs. We introduced the right funders, provided the necessary legal expertise and detailed legal reports, and sourced the right investors to purchase the apartments who in turn benefitted from a fantastic investment opportunity with a high yield.
I am extremely proud of the team for their dedication to this project – as I’m sure any property lawyer would agree, completing the purchase of a freehold, perfecting the security and then granting 89 leases in one day is an amazing achievement.”
The intricacies of the Kaber Court project:
Keith and his team Leon Young, Sean Daly and Tony Nuttall, advised on the following aspects of the project. They all played a crucial part in making the deal happen and were assisted by a vital project management tool designed and created by Leon, which allowed a continuous flow of up to date information on a daily basis:
Purchase of the Freehold
- The completion of the block itself
- Planning consents
- Building regulations approval
- NHBC documentation
- Land registry title
- Consideration of the existing 10 long leases and the 89 assured shorthold tenancy agreements (ASTs)
- The drafting of 89 new leases to work alongside the existing 10 leases, ensuring CML compliance
- Service of Section 5 notices to existing long leaseholders before acquisition
- Consideration of ASTs and tenancy deposit schemes, insurances, bonds etc.
Sale of the Freehold and 89 Apartments
- Co-ordination of the sale of the freehold to a third party
- Liaison with the investors solicitors and answering the various questions posed
- Stamp duty relief
- Creation of 89 contract packs, incorporating: head lease, searches, the contract itself, NHBC documentation, ASTs, building regulation approval notices, management company schedule, tenancy deposit information, service charge budgets, pre-contract enquiries, plans, freehold title
Future Management of the Site
- Setting up of the management company to enable future management of the building and the structuring of the business
At Abacus, we have a handpicked team of dedicated, hardworking and passionate advisors with a proven track record for achieving our client’s aspirations. We will find the solutions within even the most complex of transactions.
To speak to Keith or a member of his team about your project, call 0161 833 0044