Pearson’s help put a spin on a former Tameside cotton mill
The cotton mills of the North West are being given new leases of life, in a transaction our commercial property solicitors helped with the sale of a 19th Century cotton mill in Tameside.
Commercial Property Sale
The sale of these former cotton mills found across the North-West of England presents unique commercial-property issues, including deeds of easement, rights of way, legacy & industrial use, redevelopment potential, planning constraints, lease/tenant issues, valuation/marketability and vendor/ purchaser due-diligence.
“Many of the former cotton mills are challenged by obsolescence, sometimes heritage or listing status, or industrial contamination, but when they have been maintained they can provide a great opportunity for redevelopment potential and often this drives both their value and commerciality,” said Commercial Property lawyer, Paul McGladdery.
The Commercial Property Solicitors in Oldham acted for clients Arnold Bros Haulage Ltd in the sale of part of the iconic Tame Valley Mill, and 1.63 acre site at Wainwright Street, in Dukinfield.
The lawyers worked with the clients to sell off the property, but at the same time the client reserved part of the land on the site.
“This certainly wasn’t a straightforward run of the mill deal, if you pardon the pun,” said Paul. “A deed of easement was required in respect of a private road serving the site and in doing this we had to consider electricity cables, pipes and access to the land which our client is retaining,” he added.
Sale of Tameside textile mill
The four floor former textile mill, built around 1853, has until the sale been used by Arnold Bros as their haulage base, as well as short and long term indoor and outdoor storage.
The sale included warehouse and workshop space of around 7,666 sqm to the ground, first and second floors, loading bays as well as offices and staff facilities.
“As far as transactions go, this required the commercial expertise of our agency team, as well as persistence and excellent communications between the parties. It was complex and the professionals worked tirelessly resolving the finer, intricate details, against tight deadlines,” said Joanne Nuttall, of Breakey & Nuttall, industrial and commercial agents who marketed the property.
These commercial property sales have proposed redevelopment potential, heritage constraints and often other commercial tenants to take into consideration, so it is always advisable when working in this area to instruct solicitors with experience in this type of transaction.
“With careful due diligence and clear contract terms we were able to secure this sale with vacant possession, maximise its value and minimise its risks,” said Paul.
How can we help?
For legal advice on purchasing or selling a commercial property contact our expert property solicitors on 0161 785 3500 or email enquiries@pearsonlegal.co.uk
Image: Tame Valley Mill image provided by Industrial & Commercial Specialist Breakey & Nuttall.
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