Property And Construction Firms Must Protect Their Interests As Investor Cash Piles In

Leeds Lawyer Warns That Failure To Ensure Documentation Is In Order Could Be Costly

02.10.2013

By David Shirt

A leading Yorkshire-based lawyer has urged that property and construction firms across the region must not get caught out by the wave of new investment which is currently being seen within the Leeds commercial property market.

The warning from Steven Bate at the Leeds office of national law firm, Irwin Mitchell, follows a period of renewed development in the city including the agreement for the go ahead of KPMG’s new 61,000 sq ft office – the first new build office block in Leeds for seven years.

It also follows the recent announcements by CBRE that Leeds city centre is seeing a significant growth in appetite from fund managers, with the city now sitting in top place in a table illustrating investment growth when compared with a 10 year average.

Steven Bate, a partner in the construction team at Irwin Mitchell, said; “We welcome and are certainly encouraged by reports about the increased availability of funds, particularly for the region.

“Anecdotally, we also understand that there is a latent demand now in Leeds and the region for an increase in development both in terms of commercial and residential property, indeed the fact that MEPC has started to build on its Wellington Street site shows that there is a feeling that we may be turning the corner.

“We recommend however that clients do take care when getting excited about a potential wave of new development and make sure that their documentation is in order. It is vital that they pay particular attention to the property and construction documentation that is required to protect their interests, not to mention making sure that their commercial agreements and bonding and guarantee arrangements are in order.”

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