Tanfield Chambers announced this week that it has completed the freehold purchase of new premises, becoming the latest set to quit the Inns of Court.
The 64-tenant set, headed by Peter Hughes QC, will move from its rented building in the Inner Temple to offices at 2-5 Warwick Court in August. It paid in the region of £3m for the property.
Barristers at Tanfield, which merged with Francis Taylor Building in 2001, have been sharing four to a room for some time now. The new 12,000sq ft property – currently being refurbished at a cost of £750,000 – will mean members will be only one or two to a room.
Tanfield bought the adjacent 19th century buildings using a self-invested personal pension (SIPP), rather than the shared freehold model favoured by other chambers making the leap to buying premises. A SIPP enables the rent, which will be paid collectively by members to a management company, to contribute to their personal pensions – along with an entitlement to a 40 per cent tax rebate.
Christopher Heather, a property junior at Tanfield, explained that the decision to look for new premises had been taken six months ago. Other sets to have purchased their own freehold premises include 7 Bedford Row and St Philip’s in Birmingham.