commercial property 43
Legal team is building on strong foundations
With a team of eight lawyers and further expansion on the horizon, the real estate team at law firm Herrington & Carmichael LLP provides a wide range of legal advice across both the residential development and commercial property sectors
2013 was an impressive year for the practice group, as it broke through the £1 million turnover barrier and was ranked in the prestigious The Legal 500 for the first time.
And, according to Tim Hardesty, partner and head of real estate, the best is yet to come as growth in the building sector takes off.
Hardesty, who is based in the firm’s Camberley office, specialises in development work and has particular expertise in acting for housebuilders.
“Our team has grown quite significantly to meet demand in recent years, with 10% growth in both 2012 and 2013,” he said. “Since October, we have been rushed off our feet with clients acquiring land at an increasing pace and requiring our support from the purchase and project development stages, right through to sale of the newly constructed properties.
“It’s clear that developers who have come through the lean period of the recession are performing strongly again and as a result, we’re expanding to ensure we can continue to offer our clients a very personal approach.
“We see ourselves as very much part of their team, giving them the advice they need and, as the market continues to blossom, making sure we help them to take the many opportunities available.”
As The Business Magazine went to press, Daniel Yorke, an experienced property solicitor, was due to join the firm, and in July the team also welcomes another very experienced commercial property specialist. Hardesty commented: “These new additions will bolster our already strong commercial property team by providing further depth and breadth to our expertise. We have been very busy with commercial property deals over the past 12 months and the extra manpower will undoubtedly enhance the service we can offer clients.”
Part of the increased amount of work is as a result of the Government’s relaxation in planning rules, which has allowed the change of use of buildings from commercial to residential properties to take place more easily.
“We’re increasingly seeing commercial offices being acquired unconditionally by clients with a view to converting them to apartments to help meet the housing
THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2014
Another issue driving the need for expert legal advice is the localism agenda, as the Government seeks to devolve more decision making powers into the hands of local communities and councils.
Recently Hardesty represented the steering committee for a group of over 50 landowners in their discussions with a developer who intends to build 1,100 homes on commercial and greenfield land near their homes, providing advice to ensure the necessary legal agreements were in place.
In addition to handling site purchase and pre-build legal issues, Herrington & Carmichael has a dedicated plot sales team, working with developers to ensure new homeowners can buy and move into their new homes as quickly and smoothly as possible. Recognising that this is a crucial time for developers when they want to recoup their investment, the team works hard to ensure deadlines are met and all the necessary information provided.
Meet the team
James Eatwell: Partner with over 35 years’ experience in the property market, and particular emphasis on landlord and tenant work
Tim Hardesty
shortfall,” said Hardesty. “Doing so can double the market value of the land, it has become a real trend over the past few months.”
Among recent projects the team has been involved in, is the development of Angus House in Thame, a former office block which is being converted into state-of- the-art apartments by Rectory Living, a sister company of Buckinghamshire-based developer Rectory Homes.
As well as the development of commercial units, there has been a steady increase in land acquisition and Hardesty says the team’s expertise is often called on to identify any potential risks with the purchase.
“When you are buying land for development you need to know if there are sufficient rights in place to allow you to develop, if there are any easements or restrictive covenants in place which could affect your plans,” he continued.
“We have a lot of experience in these issues and are well versed in advising clients about the different options available.
It is
amazing how often a site doesn’t have the necessary development rights, in which case it’s important to arrange specific insurance or negotiate to have the rights granted, drawing up conditional agreements, as the developer will no longer wish to buy the land if permission fails or the rights are unavailable.”
www.businessmag.co.uk Maria Bairstow:
Senior solicitor specialising in residential development sites
Claire McSorley: Residential development specialist, including site acquisitions, planning agreements and plot sales
Ken Sutton:
Consultant in general commercial property matters
Lauren Dimmack: Specialises in all aspects of general commercial property matters
Emma Jordan: Plot sales supervisor
Details: Tim Hardesty 01276-686222
tim.hardesty@herrington-carmichael.com www.herrington-carmichael.com
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