Peter Lynn and Partners Solicitors have acted on behalf of the new leaseholders of Orchard House in Swansea, in a landmark 7-figure acquisition.
Located towards the eastern edge of The Kingsway in the city centre, Orchard House is ultimately owned by Pobl Group, however, the deal gives the new leaseholders, a South Wales family-run property investment firm, a 150-year lease on the property.
“We are delighted to successfully complete this deal,” said Chris Tymanowski, partner and head of commercial Property at Peter Lynn and Partners Solicitors. “Not only were we working to very tight deadlines, but we also had the Spring Bank Holiday and the Coronation Bank Holiday to contend with, however, we still managed to turn it around, from instruction to completion, within six weeks.”
Working closely with property consultants BP2, corporate bank Handelsbanken as well as the law firm acting on behalf of the sellers, Chris and his team drew on their extensive experience in structuring this type of deal at short notice to ensure a smooth transaction.
Far from being a straightforward lease purchase, the deal also required the refinancing of two of the buyers existing properties in Cardiff, an aspect of the transaction where Chris worked closely with Handelsbanken commercial manager, Matthew Hughes.
“We’ve packaged multiple refinancing deals of this nature,” said Matthew, “however this was one of the quickest deals we’ve done as Chris and his team came to the table with everything in place to facilitate a rapid turnaround, enabling us to release the necessary funds within one week.”
With ten occupiers already on site, the tenants are all on predominantly long-term leases giving reassurance not only to the new leaseholders but also to the city centre as a whole, as Swansea embarks on a new period of regeneration and development.
