Spears 500 Live: James Brockhurst to speak on digital assets
26 June 2023
News
Private Client Partner, James Brockhurst, has been invited to speak on digital assets at the Spears 500 Live 2023 conference.
James will join Simon Barnby, CMO of Archax, in a session entitled ‘After FTX: What’s next for digital assets?’. The session will see James and Simon discuss the FTX scandal and what opportunities remain for those operating in the cryptocurrency and blockchain space.
Spear’s 500 Live brings together leading private client professionals – from wealth management and private banking to philanthropy, luxury, law, property and beyond – to share insight, strengthen networks and hone their understanding of the forces that shape the lives of ultra high net worth clients.
The conference will take place on 28 June at 9am, with James’ session taking place at 11:45am.
The full conference agenda and registration form can be found here.
STEP Asia Conference 2023 – Nick Jacob to moderate session on ensuring effective family office governance
26 June 2023
News
Private Client Partner, Nick Jacob, has been invited to moderate a session on family governance at the STEP Asia Conference 2023.
The STEP Asia Conference brings together speakers and attendees from around the world to discuss cutting-edge topics relevant to the wealth management community.
Nick will be moderating the session entitled ‘Ensuring effective family office governance’ on 14 November at 12:00 HKST.
The session will see an expert panel address the following issues:
What are the roles of a family office and how can these be implemented, achieved and monitored?
What procedures need to be put in place to operate a successful family office?
How does one distinguish the interests of the various stakeholders such as the family and the managers?
Are family offices inherently inefficient compared to the discipline one would expect to see in, say, a listed company?
Joining Nick for the session are panellists Thomas Ang of Credit Suisse AG, Cynthia Lee of Central Cove and Christian Stewart of Family Legacy Asia (HK) Limited.
The Conference will run from 14-15 November 2023 at the Grand Hyatt Hong Kong. To find out more, please click here.
Jo Edwards gives oral evidence to the Justice Select Committee on supporting earlier resolution of private family law arrangements
26 June 2023
News
Head of Family, Jo Edwards, gave evidence to the Justice Select Committee on Monday 19 June about the Ministry of Justice’s recently concluded consultation on supporting earlier resolution of private family law arrangements.
Following the submission of Resolution’s written response to the Ministry of Justice’s consultation, to which Jo contributed as Chair of Resolution’s Family Law Reform Group, Jo was invited to speak in more detail to MPs about the current problems facing the family justice system and how meaningful change may be effected. Jo shared her thoughts on how all forms of Dispute Resolution (DR) should be considered to ensure people have access to the option which best suits them and that children are protected from the fallout of acrimonious separation. She also highlighted the importance of any form of DR remaining voluntary, in order to maintain the integrity of the process, and emphasised that reform must include resources for initial legal advice and signposting. She spoke of the importance of broader public education about alternatives to court/some of the pitfalls of court.
This is the fourth time Jo has given evidence to a parliamentary committee about the family justice system. Jo sits on Resolution’s National Committee and is an active campaigner for family law reform. She is also a qualified mediator and collaborative practitioner.
Resolution is a community of family justice professionals who work with families and individuals to resolve issues in a constructive way. They campaign for better laws and better support for families and children undergoing family change.
STEP Private Client Awards 2023/24: Forsters’ Private Wealth team shortlisted in five categories
23 June 2023
News
Forsters’ Private Wealth team has been named a finalist in the most number of categories of any firm, with five nominations in the STEP Private Client Awards 2023/24:
Private Client Legal Team of the Year (large firm)
International Legal Team of the Year (large firm)
Family Business Advisory Practice of the Year
Employer of the Year
Digital Assets Practice of the Year
The STEP Private Client Awards are seen as the hallmark of quality within the private client sector, recognising and celebrating excellence among private client professionals. Attracting entries from across the globe, submissions are judged rigorously by a top tier of independent panel of experts comprising of internationally renowned practitioners in the wealth management arena. Finalists are recognised for a wide range of capabilities including their; ability to demonstrate their capacity to undertake complex and demanding client issues; world-class innovation and commitment to the industry.
Forsters’ five nominations showcase the breadth of specialisms within our Private Wealth practice and most notably our experience in advising international family businesses as well as digital assets.
The news follows our continued success at the annual STEP awards, where Forsters have been named winners in at least one category since 2018 and most recently named Family Business Advisory Practice of the Year in 2022.
Labelled “the godfather of Asian Family Governance work” in the Chambers HNW 2022 Guide, Nick has unparalleled experience advising high net worth clients on putting together plans that provide for family succession, the protection of the family business, the avoidance of family disputes, and all aspects of international family governance.
In a video call with Singapore’s The Business Times Nick shared his experience of working with HNW family businesses in Asia and the challenges these families must face.
In the article, Nick emphasises the importance for heads of family businesses to address conversations around succession planning earlier to preserve their dynasty for more than a generation.
He reflects on a particular case, where the client regrettably passed before finalising his succession plan, resulting in the split of the family business and a significant loss in the value of a business the client spent his entire life building. “If he had bitten the bullet 10 years earlier, it is quite possible that the business could have been saved”.
Nick explains that many families are now realising the pressures of time and describes a “definite shift from a decade ago”. Clients are now approaching him earlier than before and preparing for a “gradual changing of the guard”. He notes that “while more than half of his clients used to reject the idea of passing on elements of control, including their voting shares in the company, only one in four still take such a stand today.
He recommends that “the heads of families should have succession plans by the time they are 70 at the latest. The patriarch will be seen to have enough influence, that he will not allow himself to lose face, or will not allow himself to be demoted to second division, and the family respects that”.
The article also features interviews with the founder and executive chairman of the Banyan Tree Group, Ho Kwon Ping and other prominent advisors in the industry.
To find out more about International Succession Planning and Family Governance you can read Nick’s article here. Please do get in touch with Nick to discuss the issues raised in these articles.
Forsters receive ‘Highly Commended’ recognition at the Lawyer Awards
22 June 2023
News
We are delighted that Forsters Property Litigation Team were awarded ‘Highly Commended’ at The Lawyer Awards for their entry in the ‘Litigation Team of the Year Category’.
Senior Partner, Natasha Rees commented ‘We are delighted to have been awarded “highly commended” by The Lawyer on our entry which focused on our recent Supreme Court win for flat owners in Fearn v Tate. The recognition comes after a busy year for the team and further bolsters our position as a market leader in Property Litigation.”
Forsters acted for five residents of the Neo Bankside development, situated on London’s South Bank, who brought a claim against the Tate Modern in nuisance and under the Human right Act 1998 in an attempt to protect their right to privacy from the Viewing Gallery, which is on the tenth floor of the Tate Modern Blavatnik extension. Read more about the case here.
This award follows what has been a stellar year for the team, in which they have been successful on a number of high profile litigation cases including, acting for the Ministry of Defence defending the claims bought by Annington Homes, Fearn v Tate and in the leading case on VAT on staff costs and service charges known as Lessees of Battersea Reach and St George Wharf -v- St George South London Ltd (and others).
Forsters’ highly ranked Property Litigation team provides a full range of contentious real estate legal services in relation to all asset classes. The practice comprises four partners and over 20 lawyers, for further information click here. The firm has a wider team of contentious experts covering Commercial Litigation, Contentious Trusts And Estates, Family And Contentious Construction.
Are film studios about to go Back to the Future? – Owen Spencer writes for EG
21 June 2023
Views
Commercial Real Estate Counsel and member of our Film and TV Studios group, Owen Spencer, has written for EG on how hiring production space at film studios differs from other real estate sectors.
He goes on to ask, having seen considerable upheaval to studio bookings in the last 5 years and with 44 new studios planned, if more changes are around the corner.
Quiet on set
Spencer explains that the traditional and longstanding way to hire space at a film studio is by hire agreement, “which is, at its heart, a commercial licence, usually signed on standard terms.”
Principal photography is the most expensive phase of film production – this means that space will only be booked for as long as it is needed. There is no subsequent commitment to use the site again and therefore studios are reliant on reputation to secure the next booking.
“The rate card for a sound stage will generate substantial returns for the studio, but the nature of the short-term commitments means there is an ongoing challenge of attracting and securing the next big production. So maintaining a high level of utilisation is a constant aim for studio management.”
Rise of the streamers
Spencer adds that the rise of streaming services over the last few years popularised the “master lease agreement” (MLA). Essentially a multi-year lease and thus by no means a groundbreaking real estate concept, it creates a long-term financial commitment to the studio.
These services, wanting to make their own content, need to also secure studio space. This emphasised an “undersupply of studio space in the UK [and so] the race for space was on.”
Race for space
With multiple MLAs now signed, many of the UK’s studios are now tied up in terms of upcoming lease agreements. “The sector has responded”, Spencer adds, “with there reportedly being 11.2m sq ft of space in the pipeline.”
What is yet to be seen is whether this increase in studio space will result in the fall-off in popularity of the MLA. “Could the projected increase in capacity mean that productions will go back to the future, comfortable to operate under the old studio hire agreement model?”
“However, very little of the new pipeline space has yet come online. While many of the proposed operators suggest their operations will not need MLAs to flourish, it is likely to require a certain kind of funder or investor to speculatively develop a film studio with a business model built around studio hire agreements alone. This may give hope to both operators and productions that there are one or two more big MLA deals left to do.”
This article was originally published in EG on 16 June 2023 and can be read here (behind their paywall).
Forsters shortlisted in two categories at the Enfranchisement and Right to Manage Awards 2023
20 June 2023
News
Forsters is delighted to have been shortlisted in two categories for the upcoming Enfranchisement and Right to Manage Awards.
The firm has been shortlisted in the Solicitors Firm of the Year category and Property Litigation Senior Associate, Caroline Wild has been shortlisted as a finalist in the Solicitor of the Year category.
The Enfranchisement and Right to Manage Awards, now in its 14th year, recognises and celebrates excellence in the leasehold enfranchisement and right to manage sector. Forsters Enfranchisement team, a specialist group of property litigation and residential property lawyers, has developed a formidable reputation in this niche and complex area of law. This shortlisting further bolsters the teams position as market leaders in this field, after recent success in acting for the Ministry of Defence, successfully defending the claims brought by Annington Homes regarding military service family accommodation.
The awards ceremony will take place on 6th July and the full list of finalists can be found here.
Forsters advises Fiera Real Estate and Wrenbridge on acquisition of Heathrow logistics scheme
16 June 2023
News
Forsters has advised Fiera Real Estate (“Fiera”) and Wrenbridge on the acquisition of a site 1.5 miles from Heathrow airport for £60m.
Acquired from residential developer, Stonegate Homes, the plan is to develop a 110,570 sq ft urban logistics scheme, comprising of three units ranging from 22,131 sq ft to 58,127 sq ft.
The site will also be targeting an EPC rating of A+ and a BREEAM Excellent rating.
This deal is the fourth to be completed by the Fiera Real Estate Logistics Development Fund UK, which has roughly £200m left with which to invest in similar schemes across the UK.
Fiera fund manager Chris Button commented the development would deliver “much needed, sustainable, high-quality urban warehousing.”
Commercial Real Estate Partner and Co-Head of the Industrial and Logistics group, Victoria Towers, says: “We are delighted to continue our close relationship with Fiera and Wrenbridge by advising on the acquisition of this site, which will bolster the South-East’s sustainable warehousing credentials.”
Victoria Towers, assisted by Senior Associate, Paul Grayson, advised on the deal.
Caroline Harbord and Hannah Mantle to speak at Mourant’s Trusts and Private Wealth Forum 2023 in Jersey and Guernsey
15 June 2023
News
Dispute Resolution Partner, Caroline Harbord, and Contentious Trusts and Estates Partner, Hannah Mantle, have been invited to speak at Mourant’s Trusts and Private Wealth Forum 2023 in Jersey and Guernsey.
Widely recognised as the leading trusts and private wealth event in the Channel Islands, it consistently delivers the latest insights on key topics and trends in the sector.
Caroline will be speaking at the Jersey Conference on July 4 and Hannah will be speaking at the Guernsey Conference on July 6. Both will be joining partners at Mourant to discuss the key cases from the last year.
Further information on both events can be found here.
Emma Gillies to speak at Vie International’s 2023 PPLI Conference
14 June 2023
News
Private Client Partner, Emma Gillies, has been invited to speak at the Vie International ‘Life and Legacy’ PPLI Conference 2023.
Emma will join a panel of experts, who will deliver a market update on Prime Residential Property in the UK, and discuss the tax planning strategies that should be considered by foreign buyers.
The conference will take place on June 14 at the Royal Automobile Club in London and will bring together leading advisors to high net worth private clients with US connections.
BPF leads industry calls to scrap infrastructure levy plans – Victoria Du Croz and Helen Streeton speak to Property Week
13 June 2023
Views
Partner and Head of Planning Victoria Du Croz, and Partner and Head of Build to Rent Helen Streeton, have featured in Property Week’s latest piece on the BFP’s opposition to government proposed new infrastructure levy plans.
The British Property Federation (BPF) urged the government to abandon the plans for the levy, claiming it would add new challenges and instead called for reform of existing planning contributions.
The BPF highlighted the difficulty it said local authorities would have setting viable levy rates, particularly for brownfield and urban development sites, due to land values and build costs varying site by site and by land use. It also claimed under a single, more rigid levy, the mechanism for calculating affordable housing contribution would raise less as it would not be site-specific.
Victoria Du Croz shared her concerns on the fundamental problems with the government’s proposals, including a failure to focus on securing the actual development of infrastructure.
She states that “Most local opposition to development is due to the perceived adverse impact on existing infrastructure,” she said. “If infrastructure comes forward in a timely manner, it would alleviate this opposition, but local authorities are struggling to deliver infrastructure for new development under the current system due to resourcing constraints.
“The new levy does nothing to remedy this challenge and adds more layers of complexity. It will require viability assessments for types of development that currently don’t require them, including industrial and offices. It is difficult to see how local authorities will have the additional capacity needed to handle the new volume of assessments.”
Helen Streeton echoes these concerns warning that the levy runs the risk of further stifling new home development, increasing developers time securing planning consent.
She adds: “As infrastructure needs to be delivered in advance, or in tandem with new development, the government is proposing to introduce two new routes: delivery agreements for ‘integral infrastructure’, which will work alongside planning conditions for onsite infrastructure, like play areas; and levy-funded infrastructure, which will pay for the community infrastructure.
“It is difficult to see how this approach simplifies matters and is any different from having CIL plus Section 106”.
This article was first published in Property Week on 12 June 2023 and is available to read in full here, behind their paywall.
The battle over development in the greenbelt continues to rage with the Prime Minister restating the Tory party pledge to protect the greenbelt following Kier Starmer’s comment that it should be built on “where appropriate”.
On the ground (pun intended), appeals against local authority refusals to grant planning permission for development in the greenbelt are being allowed. Last week saw planning permission granted on appeal for the redevelopment of a site in the green belt comprising the demolition of a non-designated heritage asset and the erection of a new care home (Class C2) including a dementia centre.
It was accepted that the proposal was inappropriate development in the green belt. However, the Inspector found that the benefits of the scheme (primarily the need for such a facility) clearly outweighed the definitional green belt harm, the negligible harm arising from the loss of openness and the harm arising from the total loss of a non-designated heritage asset. Accordingly very special circumstances existed and the appeal was allowed.
At appeals for Use Class C3 housing development in the greenbelt a lot of time is often spent arguing over the extent of unmet housing need in the local authority’s area. Establishing the extent of unmet need for care home beds is often even harder and clearly a lot of inquiry time was taken up at this appeal trying to establish if the extent of the unmet need was “significant”. The difficulties are in part due to the range of care models available which often lead to planning applications for developments where the residents will have specific care requirements eg dementia care, care for those aged 80+ . However, need assessments carried out by local authorities often use data from the Care Quality Commission based on the number of registered beds available (ie the maximum number permitted, but which may be more than the actual number provided) and apply that to their duty of care to provide support to all those over the age of 65. The data available is often not directly applicable to the proposed development so assumptions and extrapolations need to be made. As the inspector noted, “the complexity of the data, together with differing methods for projecting future need, using different assumptions and definitions, makes deriving reliable figures over an extended period inherently problematic”.
Given the local and national politics surrounding development in the green belt, many care home developers with green belt sites will be anticipating a refusal of any planning application at the local level and will factor in an appeal into the development programme. However, as this appeal demonstrates, a lot of time will be required to present a clear, justified need argument and inquiry times are likely to be lengthier to allow for such arguments and the related evidence bases to be properly analysed. Many in the industry were frustrated that the Government’s proposed changes to the NPPF did not go far enough in requiring local authorities to allocate sites for retirement living/care homes which would remove some of these lengthy arguments around need.
Caroline Harbord, Jeremy Robertson and Maryam Oghanna to present to STEP Jersey
13 June 2023
News
Dispute Resolution Partner, Caroline Harbord, Private Client Partner, Jeremy Robertson, and Contentious Trusts and Estates Senior Associate, Maryam Oghanna, are presenting a lunchtime session to STEP Jersey and the Société Jersiaise, on the topic of trustees and investments.
The session will focus on the key protections and pitfalls that trustees should be aware of when holding financial investments.
The team will consider the key provisions that can be included in the trust instrument, and in particular reservation of trust investment powers, including when they may be suitable/appropriate, pitfalls and areas of concern and UK tax considerations.
They will also consider the potential claims and liabilities that trustees may face when investments go south, together with the claims that trustees might consider pursuing against third parties as an attempted shield to beneficiary claims. The team will talk about how the risks of pursuing third party claims can potentially be mitigated by litigation funding and ATE insurance, and also the strategic considerations a trustee may wish to consider if it finds itself on the receiving end of a funded and insured claim.
The Property Tribunal determines the issue of VAT on Staff Costs
13 June 2023
News
The First Tier Tribunal (FTT) yesterday handed down its judgment in the matter of Various Lessees of Battersea Reach and St George Wharf -v- St George South London Ltd (and others).
The decision is likely to have important consequences for landlords and managing agents, and it should resolve the longstanding uncertainty following the decision in Ingram v Church Commissioners [2015] and HMRC’s subsequent clarification of the VAT treatment for the supply of services made by managing agents.
Lessees in two large multistorey mixed-use developments next to the river Thames had argued that staff should be directly employed in a way which would not attract VAT. They suggested that a change in employment would achieve the stated objective and not cause any significant cost or disruption to the service provided and that it was unreasonable for landlords to refuse to do so.
The tribunal found in the landlords’ favour, determining that, in deciding not to employ site staff directly, the landlord acted reasonably. They concluded that “…both the management and tax risks involved in changing the arrangements for the employment of staff were such that it was not unreasonable for a landlord to refuse to do so.”
The lessees had suggested that there were different models which could be implemented that would enable the landlords to benefit from a VAT saving on staff costs. However, the lessees had failed to show these “were realistically capable of being implemented” or “make a coherent initial case as to an alternative course for the landlord to adopt and for the Tribunal to consider either at the outset of the application or at any time thereafter.”
In the circumstances, the VAT on staff costs included in the service charges was deemed to be reasonable, and the lessees’ application was dismissed.
Forsters was led by Senior Associates Ryan Didcock and Emma Gosling, and Partner Natasha Rees, acting for the freeholder and associated landlords, with counsel Philip Rainey KC and Carl Fain of Tanfield Chambers (property), Nicola Shaw KC and Sam Brodsky of Gray’s Inn Tax Chambers (tax), and Michael Lee of 11 Kings Walk Chambers (employment).
The year of the great care home revival – Amy France writes for CoStar
6 June 2023
Views
Commercial Real Estate Partner and Head of Later Living, Amy France, has written for CoStar on how 2023 is seeing a return to full health for the care home sector, following a period of dramatic drop-off in terms of occupancy rates during the pandemic.
France explains that there are several positive factors that have seen the sector return to pre-pandemic occupancy levels (84.3%, Knight Frank 2022). The first reason is that of the significant growth in our ageing population, with the number of over-65s set to reach 17 million by 2040. “The research suggests that the number of older people’s housing units constructed per year to meet this demand will need to rise from 7,000 to 50,000.”
Beyond the need for more units, there is also a need for better quality units; near to 80,000 have been removed from the sector over the last decade due to them being below standard. “Although some of these have been replaced, overall the number of care home beds in the UK are 5,000 less than five years ago.”
“This growing lack of suitable housing for our ageing population represents an opportunity for investors to improve the lives of older generations, generate both social and financial value, and in turn satisfy the social element of ESG metrics. For example, our client Octopus Real Estate recently became a signatory of the Operating Principles for Impact Management, a global standard for managing investments for impact.”
Long-term resilience is also evident within the sector, with an increased demographic demand and fee rises despite a cost-of-living crisis due to the fact that “the older generation [are] generally wealthier, with more money to spend on better quality care homes.”
France highlights how care homes have consistently produced higher returns than other sectors and so asks: “what are we going to see in terms of delivery as the year unfolds?” She describes seeing a sector that “is emboldened by the significance of government and regulatory support in both the short and the long-term.”
France predicts that the incoming announcement of the Older People’s Housing Taskforce and the proposed updates to the National Planning Policy Framework (coupled with market fundamentals) “should see institutional money continue to flood into the sector.” Further to this, she adds, care home investment has also become popular with foreign investors, particularly when they are fully managed and deliver regular income.
“This is a great opportunity for the real estate sector to improve the lives of older people, achieve stable returns and deliver this much-needed aspect of our community infrastructure.”
This article was originally published by CoStar on 23 May 2023 and can be read here in full (behind their paywall).
James Brockhurst to speak on Middle East structuring at the International Trusts & Private Client Conferences 2023
6 June 2023
News
Private Client Partner, James Brockhurst, has been invited to speak at the International Trusts & Private Client Conferences 2023 in Jersey and Guernsey.
The conference, targeted at private client advisors, offers insights from expert speakers and sessions tailored to tackle the full scope of contentious, estate and tax planning issues facing the Channel Islands.
James will be presenting the session entitled ‘Market Insight: Trends in Middle East Private Wealth Structuring’, alongside Katie Cooper, International Wealth Advisor at Barclays, Daniel Channing of Crestbridge, and Hugh O’Donnell of Highvern.
Places can be booked for the Guernsey Conference (20 June) here, and the Jersey Conference (22 June) here.
Forsters acts on acquisition of part of Royal Albert Dock, Liverpool
5 June 2023
News
We are delighted to announce that members of a multi-disciplinary Forsters team have acted for a joint venture between developer General Projects and investor Neo Capital on the acquisition of part of the Royal Albert Docks in Liverpool.
The acquisition, reported in BBC News, was part funded by a loan from Merseyside Pension Fund.
The iconic, 375,000 sq ft mixed use asset forms part of the largest single collection of Grade 1 listed buildings in England. The joint venture plans to evolve the dock into the “most exciting experiential and authentic destination in the UK”.
Jacob Loftus, chief executive officer of General Projects, said: “We are honoured to have become custodians of one of our country’s most significant landmarks and one of its most magnificent examples of industrial heritage.”
Commercial Real Estate Partner, Katherine Ekers, who led the Forsters team, said: “This is a fantastic project on a sensitive site of national importance. We look forward to working with Neo Capital, General Projects, Merseyside Pension Fund and others to progress the ambitious, exciting plans for the next phase in the history of the dock”.
Partner and Head of Banking & Finance, Victoria Edwards, said: “It was great to be part of the multi-disciplinary team at Forsters with banking and property working side by side on this terrific asset.”
PedElle – Forsters sponsor Real Estate Charity Cycle
5 June 2023
News
From 14 – 16 June, Senior Partner, Natasha Rees, and Residential Property Partner, Helen Marsh, will be taking part in a charity cycle ride for PedElle, raising money for Club Peloton, a charity that funds projects which transform the lives of young people.
It is a unique team effort involving around 60 women in real estate. Forsters are sponsors alongside Knight Frank, DP9, Avison Young, Legal & General, amongst others. This year we are providing a place for a real estate specialist from a Local Authority and are delighted that Victoria Hinton a senior planner from Camden Council will be joining the Forsters team.
This year’s destination is Slovenia. They will start from the capital city of Ljubljana, heading northwest to the shore of Lake Bled. The second day involves some daunting climbs but with the reward of stunning descents before arriving at Lipica, where they will be staying at the world-famous stud farm and home of the Lipizzian white horse. The final day takes west towards the Adriatic coast and the medieval town of Piran.
The route covers 400km of very hilly terrain.
PedElle, and this ride, is for women in real estate and therefore open to anyone in the firm who fits that description.
If you would like to donate, you can find the page here.
Shorter, faster, better, stronger – Andrew Crabbie speaks to IREI
1 June 2023
Views
Partner and Head of Commercial Real Estate, Andrew Crabbie, has featured in Institutional Real Estate, Inc.’s latest piece on how an increase in flexible leases will drive up innovation, rental income and standards across every conceivable metric.
Due to the disruptive and unpredictable nature of the last 25 years, almost all industries have been gripped by a continuous sense of uncertainty.
In relation to real estate, one trend to come from this is the movement towards shorter and more flexible tenancy agreements. Crabbie explains that due to this desire for flexible tenancies (primarily from SMEs), landlords have increased the amount of turnkey space they offer.
“Increasingly, landlords are providing letting deals where the landlord is doing the basic finishing works to the building – and the full cat-b fit-out. So the tenant just walks in. This is 100 percent in line with the tenant requirement for flexibility and the need to transact swiftly.”
The article goes on to clarify how landlords enabling a “plug-in-and-play” solution to tenants also benefits them, allowing them to charge higher rent in exchange for immediate occupancies and landlord responsibility for dilapidations at the end of the tenancy.
This article was originally published by Institutional Real Estate, Inc. on 1 June 2023 and can be read in full here (behind their paywall).
Forsters’ Student Accommodation Team Advises Far East Orchard on Southampton Purchase
1 June 2023
News
Acting for Singapore-based property firm Far East Orchard, we are delighted to announce that our Student Accommodation team has completed on the purchase of the Emily Davies Halls of Residence, a purpose-built student accommodation development in Southampton, for £13.9 million.
This transaction involved input from across the firm with the team made up of Partners and Associates from Commercial Real Estate, Construction, Planning, Residential, Corporate, Employment and Tax.
The purpose built student accommodation sector continues to show its resilience in the face of current market uncertainty, with such assets proving ever popular with overseas investors.
To find out more about the work we do in this sector, click here.
My PRIDE Story: Charles Miéville writes for The Lawyer
1 June 2023
Views
Residential Property Partner, Charles Miéville, has authored a personal article for The Lawyer entitled ‘My Pride Story: With increased visibility it’s easy to forget that success may not come so easily to some’.
In his article, Charles shares a candid insight to his life growing up as a gay man. He highlights the progress made over the past ten years to support the LGBTQ+ community, particularly in terms of events to raise awareness such as PRIDE, but addresses the prejudice that remains.
Forsters recognises and appreciates that no two people are the same, and encouraging individuality is very much part of the firm’s culture. Forsters is a very welcoming firm, and we are committed to providing an environment which allows everyone to develop and grow regardless of age, sex, sexual orientation, disability, gender reassignment, marriage or civil partnership, maternity or pregnancy, race, religion or belief, and to ensuring that everyone is treated with dignity and respect. For more information, please visit our Diversity and Inclusion page.
