Shoosmiths acts on acquisition of 1m sq ft Sutton Coldfield shopping centre
Shoosmiths has advised on the landmark acquisition of the Gracechurch Shopping Centre, a 1m sq ft retail centre in Sutton Coldfield.
The law firm acted for SAV Group and BPG on the purchase from M&G, with contracts exchanging earlier this year and the deal completing in November.
Shoosmiths advised on various aspects of the transaction, including real estate, litigation, planning and construction matters. The firm also supported on tax, employment and commercial matters for the deal, with SAV Group and BPG now focusing on progressing a development vision to create a ‘vibrant, mixed use town centre’.
Heading the Shoosmiths’ deal team was real estate partner Tim Flight, with support from partners Jason Jackson and Kate McCall, along with senior associates James Frost and Laurence Matthews, associate Sophie Warren, and senior paralegal Stacey Walkley.
Tim Flight, real estate partner at Shoosmiths, said:
“Originally constructed in 1974, the Gracechurch Shopping Centre has undergone several renovations and expansions. The current scheme has 1m sq ft of gross internal area, with significant development potential given its prime location in the heart of the town.
“SAV Group and BPG have an ambitious vision to create a ‘modern living, working and leisure space’. We’re proud to have played our role in ensuring the acquisition completed successfully, helping lay the foundations for the transformation of the centre – a long-term regeneration project that could support creating new jobs and driving economic growth.
“This was a real collaborative effort. The multidisciplinary Shoosmiths’ deal team comprised experts from our investment group, as well as construction, planning and commercial specialists, all of which worked with the other parties involved to secure a positive outcome.”
Alexander Tarlo, co-founder of SAV Group, said:
“We wish to express our gratitude to all those who have played a pivotal role in making this deal a success. Given the multifaceted nature of this project, we have assembled an exceptional team to help transform our vision into reality.
“We look forward to working closely with all stakeholders to craft an extraordinary town centre that will benefit the entire community of Royal Sutton Coldfield.”