LAWFUEL – Law News Hourly – Linklaters has advised Targetfollow Group on the acquisition of Tolworth Tower, a 21-storey mixed-use development in Surbiton, Surrey, from Dublin-based investment firm Treasury Holdings.
Tolworth Tower comprises offices, retail, hotel and leisure uses with a total net internal area of 306,829 sq ft (28,505 sq m), as well as a 175-space car park. Existing office occupiers include Close Brothers, Close Asset Finance, Amec Developments, Transoceanic Projects and the Crown Prosecution Service.
The deal comes only months after Linklaters advised Targetfollow on the acquisition of the iconic Centre Point Tower, New Oxford Street. The 385 foot high Centre Point Tower is one of the most famous buildings in London’s West End and is home to the Confederation of British Industry (CBI).
Both Centre Point and Tolworth Tower were built in the early 1960s from reinforced concrete and designed by pioneering architect Richard Seifert.
Martin Sleeuw, Targetfollow’s associate director (group portfolio management), said: “This is a fantastic purchase for us because of opportunities to substantially enhance rental income immediately through refurbishment and letting, possible expansion of the Travelodge Hotel, current rent reviews and lease renewals and proactive operation of the car park.” He added: “In addition, we are investigating the opportunities for further development on the site in the future.”
The Linklaters real estate team was led by partner Anne Byrne and managing associate Kirsty Corkum, assisted by Julie Jankowski, Sam Grutchfield and Elliot Weston, who advised on tax matters. Paul Gilks of Glovers acted for Targetfollow on financing matters and Edward Sutherland of Boodle Hatfield acted for the seller.