Waitrose retail store in Glasgow
A listed plc Developer has instructed us in the land acquisition and development of a Waitrose retail store in Glasgow.
This involved agreeing a complicated development lease with a local sports club with attendant option and security interests and replacement pitch provisions, in conjunction with the grant of an Agreement for Lease with Waitrose. The sports club wished to retain short to medium term income so we were tasked with producing a lease which provided income certainty to the sports club but at the same time provided a suitable platform not only for the Developer to finance the construction of the Development, but also have the ability to convert the lease to a freehold interest at a later stage to maximise the investment value.
The Property Director commented that:
“this was a complicated deal all round due to the number of parties and conditions involved and the real trick was to make the documentation as straight forward as possible which was achieved”.