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Thrings Advise L&R Group on Acquisition of Landmark Gloucester Properties
Thrings, leading commercial law firm, has advised Ladybellegate Estates Ltd – part of the L&R Group – on the acquisition of two landmark Grade II-listed buildings in the heart of Gloucester.
Following the signing of agreements between Ladybellegate Estates Ltd and Gloucester City Council will lead to the restoration and refurbishment of 23 – 29 Commercial Road, situated at the north end of the Victoria Basin at Gloucester Docks.
Plans to restore and refurbish the two former merchants’ offices buildings will be unveiled later in the year.
The docks in Gloucester have undergone a huge makeover in the last decade, with multi-million pound investment transforming the former shipyard into a thriving residential, retail and leisure destination. These buildings link this successful regeneration area with the city centre.
The Commercial Road transaction was led by Charles Wakefield, associate solicitor at Thrings, who provided ongoing legal advice to Ken Elliott, property director at the L&R Group, on the purchase of the properties. This involved a comprehensive investigation into the complex title and the negotiation of the conditional contracts.
Charles was assisted by Robyn Rumble from the firm’s Company Commercial team, who advised on incorporation matters.
The acquisition marks the latest stage in the relationship between Thrings and the L&R Group, a private group of property companies. Last year Thrings advised the L&R Group on the £26m sale of Milsom Place, Bath's premier retail and restaurant destination, to TIAA Henderson Real Estate.
Charles Wakefield said: “The ongoing, multi-million pound regeneration of the historic Gloucester Docks has led to it becoming a booming residential and commercial centre which is enjoyed by thousands of local people, businesses and visitors to the city each year.
“The location is key to linking the city centre and the docks, and Thrings is very pleased to have advised Ladybellegate Estates Ltd on a deal which will lead to the refurbishment and creation of properties with plans for four restaurants in a prime waterside location.”
Ken Elliott added: “Gloucester has a strong vibrant identity and we are looking forward to being part of the continuing regeneration of the city centre.”