Law firm advises on multi-million pound office to residential deal

Neil Bradley

Shoosmiths in Manchester has advised developer Select Developments and Investment Group on a £13m office to residential conversion deal.

The deal concerns the 72,975 sq ft office space, Aspect in Bracknell, which is now being lined up for a residential scheme with up to 121 units with possible expansion to provide 146 units.

It is the latest real estate deal of this kind advised on by Shoosmiths in Manchester after the acquisition of a £10m GDV office to residential scheme, Q3 Residences, Hayes in late 2016, at which apartment sales are scheduled to complete in February 2018.

Shoosmiths’ real estate partner, Richard Outhwaite, said: “Aspect is a substantial office park in a key Thames Valley location and this deal will bring much-needed high quality new homes to Bracknell.

“The team included myself as well as real estate senior associate, Neil Bradley. We are seeing a growing market for office to residential conversions across the country as the demand for housing continues and people’s working habits are changing, meaning many office buildings are under occupied and no longer in use.”

Giles Danon, acquisitions director at Select Developments said: “This premium office asset is in a town that has seen a dramatic reversal of fortunes with the recent opening of the Lexicon shopping centre. The team at Shoosmiths enabled a swift transaction in what was a complex deal due to the proximity to the Thames Basin Heath Special Protection Area.”

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