Mishcon de Reya advises Cathedral Group and Development Securities on London Gate business park acquisition
Mishcon de Reya has advised specialist PPP developer Cathedral Group plc and leading property developer and investor Development Securities plc on their joint acquisition of the London Gate business park in Hayes, Middlesex.
The developers created a joint venture vehicle, Purplexed LLP, to acquire the 18 acre business park from JER Partners, the Blackstone Group and Resolution for an undisclosed cash sum. They will shortly unveil a radical £250 million redevelopment plan for the site.
The site once housed the headquarters and various manufacturing facilities of international record label EMI. It offers around 700,000 sq ft of floor space across a mix of new and old buildings, many of which are empty and semi-derelict.
The Mishcon de Reya team was led by real estate consultant Ronald Hooberman with assistance principally from John Young (Corporate), Nick Strutt (real estate finance), Jonathan Legg (tax), Arnaud Montagna (real estate), Daniel Farrand (planning) and Simon Hunter (construction).
Ronald Hooberman said: “This exciting project will see a neglected and semi-derelict business park being brought back into use, providing significant development potential for our clients Cathedral Group and Development Securities.”
“The site is steeped in musical history, with the plant pressing records for everyone from The Beatles to Jimi Hendrix. Our clients are keen to uncover and celebrate this unique heritage – we even named the joint venture Purplexed LLP in tribute to Jimi Hendrix’s 'Purple Haze’ track!”