MIXED RETAIL/OFFICE/DEVELOPMENT ACQUIRED FOR CLIENTS

Acting on behalf of a private property company, Peill & Company, the PAI members for Cumbria, Lancashire and The Lake District have acquired 1-7 New Market Street in Ulverston in South Lakes which comprises a parade of three ground floor shops with substantial first and second floors let to a range of commercial tenants. The client is to redevelop part of the upper floors for residential development and Peill & Company’s Building Surveying department is handling all conversion works to the upper floors. Simon Adams, Managing Director of Peill & Company commented ‘we were pleased to be able to acquire the freehold interest in the whole block of property in Ulverston, since our clients’ already owned parts of the building subject to long leases. Bringing the whole block under one ownership enables us to unlock some value from the upper floors’. Peill & Company’s Property Management department act in the management of the property and the Agency, Building Surveying and Property Management departments have worked alongside each other to facilitate the acquisition