Gowling WLG’s real estate team has advised a client of Savills IM on the purchase of 30 Broadwick Street from Great Portland Estates (GPE), in a deal worth c. £190 million.
Situated in the highly sought-after Soho area in London, 30 Broadwick Street is an eight storey building that comprises a total of 94,300 sq ft of grade A office, retail and restaurant units. With completion scheduled for January 2018, the acquisition will provide a client of Savills IM with a prime London real estate asset, which is fully let with both office and retail tenants, including Boston Consulting Group, Nespresso and The Ivy Brasserie.
A Gowling WLG team led by Sally Pinkerton, Matt Walker and Susan Bennett advised on the purchase of the asset against a tight deadline to ensure an exchange of contracts before the Christmas break.
Neil Varnham, Head of Asset Management at Savills IM said: “We are delighted to have concluded this transaction within such a short time frame from selection through to exchange. Gowling WLG, under the auspices of the team led by Sally, Matt and Susan, enabled us to manage multiple work streams on behalf of our client. This connected service enabled a smooth process throughout the period up to exchange. On behalf of both Savills IM and our client we are very pleased to have purchased such a quality building in a strong dominant location.”
The deal represents another example of the international law firm working on significant real estate matters in London. Matt Walker, director at Gowling WLG, commented: “The team had to work really quickly and efficiently on this deal and we were able complete the legal work on time thanks to our ability to work across a number of Gowling WLG’s specialist service teams. The expertise across our different teams, including real estate, planning, construction, employment and insurance, allowed us to exchange this significant deal, giving our client a fantastic investment to start the new year with.”