Grosvenor retains Boodle Hatfield for £60m project

Boodle Hatfield is advising Grosvenor Estates on a high-profile £60m office and residential development close to Victoria Station.
The development reached a turning point last month with the unravelling of BP's leasehold at Belgrave House on the site at 76 Buckingham Palace Road, SW1.
Tim Manning, who manages Boodle Hatfield's relationship with Grosvenor, led on the deal. Assistant Victoria Read advised on corporate aspects.
BP was advised by Linklaters & Alliance property partner Julian Innes-Taylor, who was assisted by Joe Condor.
The transaction involved the payment of a reverse premium by BP in order to terminate its leasehold interest. The agreement also includes overage arrangements to take account of any subsequent increase in the redevelopment value of the site.
Built in the 1970s, Belgrave House had been empty for some years and will be demolished to make way for the development. Grosvenor already owned neighbouring Grade II-listed building Chantrey House, which will form part of the new scheme.
Manning said that planning consent is expected to be issued shortly by Westminster Council. “They've just resolved to grant permission subject to a section 106 agreement. We're just finishing that off now,” he said.
As part of the transaction, Grosvenor acquired Templecombe, the offshore company that owns BP's reversionary interest by way of a share purchase. Stepien Lake Gilbert & Paling advised Templecombe.
Grosvenor does not have a formal panel, with Boodle Hatfield advising on the bulk of its transactions. Manning said: “We probably do most of its work, but it uses other firms from time to time. It does a lot of joint venture work, for example, and needs different lawyers for that.”