Thursfields has helped top UK truck dealer with expansion plans
Thursfields Solicitors has helped one of the UK’s top truck dealers to buy a new site in Worcestershire ahead of its planned expansion.
Thursfields acted for PM Commercials and a pension fund in the multi-million pound purchase of the 9.3-acre site at Berry Hill Industrial Estate in Droitwich.
Paul May, owner of the commercial vehicle dealer, plans to use around 2-acres of the new site for larger offices and truck parking spaces, with the remaining space rented out to other businesses.
In what was a complex simultaneous deal, Paul May’s pension fund bought 1.5-acres of the new site, while the remaining 7.8-acres was acquired by his property company.
Tony Gibb, Director of the Commercial Property department at Thursfields, said: “We worked between the acquiring company and the sub-sale pension fund, reporting to our respective clients and the solicitors acting for the lending bank. This was a complicated deal, and an intensive one given the major interest in the site due to its prime location, but we successfully secured an exchange of contracts on a tight deadline to the satisfaction of everyone involved.”
Tony worked on the project for the pension fund, while Thursfields’ Co-director Rob Pettigrew acted for PM Commercials.
PM Commercials is currently based at Rushock Trading Estate in Droitwich, a 1.6-acre site that it intends to retain and rent out once it has moved.
Paul May said: “We were really impressed with the careful and detailed legal work carried out by Thursfields to make this purchase go ahead so smoothly. Our expanding business needs the extra office and parking space and the new site at Berry Hill Industrial Estate offers a great location. Once we have moved, we will rent out the other space we have purchased along with our existing premises.”
John Dillon, of GJS Dillon commercial property consultants, advised on land registry plans and commercial use, while Ballards chartered accountants provided land tax advice.