Irwin Mitchell Provides Foundations For Successful Development Deal

Thetford Limited Acquires Site

09.05.2011

The Real Estate team at law firm Irwin Mitchell has recently completed a deal for a South Yorkshire developer to pre-let an 80,000 sq ft building, having also acted for the developer on all other properties on the site – a designated enterprise zone.
 
Campsite and leisure equipment manufacturer Thetford Limited has signed a deal to pre-let and develop a new production and distribution facility at Brookfields Park, in Rotherham, South Yorkshire.
 
The acquisition of the site by Thetford is a part of the expansion of their market base within Europe and the Americas, and the company will assume tenancy of the building following the completion of construction in early 2012.
 
The investment interest in the development has also been sold to a syndicate of investors specialising in real estate investment.
 
Irwin Mitchell acted on behalf of Brookfields Park Development Partners, a joint venture between leading commercial property developers St Paul’s and Tritax Asset Management, both on the pre-let agreements and on the sale of the investment.
 
The law firm had already secured companies such as Next, Maplin Electronics, and Garnett Dickson for plots on the 85-acre site, each of which carries the Enterprise Zone designation.
 
Colin Godfrey, Partner at Tritax, said, “It was a Herculean effort by all involved in completing this deal, and everyone worked through the night to make sure it was completed.
 
“Irwin Mitchell has a proven track record for securing major organisations for developments such as this, and they have continued this trend throughout their work on Brookfields Park.”
 
The Real Estate team at Irwin Mitchell was led by Associate Solicitor Thomas Hall, and also included David Goy, Kevin Fox, and Vanessa Greaves.
 
Hall commented: “We are delighted to complete yet another deal at Brookfields Park. Thetford are a multinational organisation, and will bring further business to the region – something which is vital in the current economic climate.
 
“This development is one of the final pieces in the Brookfields Park development, and is a success story for the Wath-upon-Dearne enterprise zone. The team at Irwin Mitchell has a great deal of experience in this sector.” 
 
Irwin Mitchell’s Real Estate team has previously been involved in structuring transactions involving Enterprise Zones, including how to preserve the benefits of these zones, how to take advantage of the more relaxed planning regime and how to maximise any tax reliefs available.  This is especially relevant today bearing in mind the Government’s recent announcement to create a number of new Enterprise Zones – including in Sheffield and Leeds.  The Real Estate team at Irwin Mitchell are well placed to continue to give advice and to act for any parties looking to take advantage of the opportunities created by these new Enterprise Zones.