22 July 2013

Forsters advises on forward funding of hotel and retail development

Forsters has acted for Retail Plus Property Trust, managed by Rockspring Property Investment Managers LLP, on the £14.35 million forward funding of a new hotel and retail development on St Peters Street in the heart of St Albans to Lancashire County Council Pension Fund as clients of Knight Frank Investment Managers.

Providing a full range of commercial property, planning and construction services, Forsters has also advised in relation to the site acquisition and creation of the scheme, including pre-let arrangements. An agreement for lease has been entered into in relation to the 123 bedroom hotel with Premier Inn Hotels for a term of 25 years, with one of the three adjacent retail units pre-let to Britain's newest high street bank, Metro Bank, also on a 25 year term.

Construction works have commenced on site, with an anticipated completion date in mid 2014.

Commercial Property partner, Smita Edwards led the cross-practice group team advising on the transaction, assisted by Owen Dutton. Partner Sarah Cook advised in relation to construction matters, assisted by Richard Spring. Partner Tim Taylor, assisted by Matthew Nixon, advised on planning matters.

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