Taylor Wessing has completed its first property deal for Anglian Water Group (AWG) on the sale of Birmingham’s Broadway Plaza.
AWG offloaded the troubled development, which it acquired four years ago after it took over Scotland’s Morrison Construction.
Historically, Campbell Hooper advised AWG Property on the Broadway Plaza. But now AWG instructs Beachcroft Wansbroughs, Dundas & Wilson and Taylor Wessing for property work.
Taylor Wessing first encountered AWG Property two years ago when it advised a potential purchaser for AWG’s Great Northern site in Manchester. That deal never completed.
Private property company Targetfollow Group was set to acquire the scheme late last year, but was gazumped after Manchester’s Park Lane Estates, in a joint venture with Skelton, made an offer above the £56m asking price. Skelton is run by former Burford director Duncan Moss. The result was a boon for TSS Law, led by partner Russell Raphael, who advised the buyers.
AWG operates a law firm panel, although AWG Property managing director Tony Donnelly and company secretary Leslie Wallace oversee the outsourcing of legal services for the property arm.
Taylor Wessing partner Keith Barnett said: “This was our first major piece of work for AWG and we’re delighted that what was an extremely complex sale was successfully concluded within the time scale sought by our clients.”
Broadway Plaza houses a 12-screen cinema, a gym, a casino and a bowling centre. It opened in June 2003 but still has 12 vacant units.