International law firm Stephenson Harwood LLP, has advised the Peterson Group, a privately-owned Hong Kong real estate and private equity group, on a £121 million purchase, development and forward funding transaction with Resolution Property, a leading UK and European real estate investor. The development site is located on London’s Oxford Street, adjacent to the Tottenham Court Road crossrail and underground stations.
The new development, which will take up an 80,000 sq ft site previously known as 'The Quadrangle', will offer four office floors averaging 17,000 sq ft each and additional retail space opening onto Oxford Street. The scheme has been designed by Darling Associates architects.
In addition to the commercial redevelopment, Resolution Property will separately add two floors to the building, to create a number of penthouse apartments. The apartments will be retained by Resolution for onward sale once completed.
Commenting on the deal, Jonathon Wilkes, head of the real estate group at law firm Stephenson Harwood LLP, said: "This development will be one of the flagship business hubs along the new Crossrail line. Located on Oxford Street, the building will include retail, commercial and residential space. We are pleased to have been able to advise Peterson Group on the acquisition, development, management and construction funding agreements for this, their first London acquisition."
The Stephenson Harwood LLP team which advised Peterson Group included: Jonathon Wilkes, Simon Brading, Andrew Edge, Becky Vernon, David Lacey, Kate George, Paul Thwaite and Graeme Barton. Berwin Leighton Paisner advised Resolution.
Stephenson Harwood's real estate group advise major property companies, institutional investors, hotel groups, public sector organisations, corporate occupiers and high net worth individuals and families. The firm advises on investment acquisitions and disposals, development projects, sale and leasebacks and other real estate structures as well as landlord and tenant matters, such as relocations and lettings through to handling litigation.