News

Osborne Clarke advises British Waterways on Wood Wharf deal

20 Jan 2012

Osborne Clarke's real estate team has advised British Waterways on the sale of its stake in the Wood Wharf Limited Partnership and restructuring of its property interests at the site with Canary Wharf Group.

Wood Wharf Limited Partnership has outline planning consent to redevelop the 16.8 acre Wood Wharf site, which sits next to Canary Wharf, for a 7m sq.ft mixed use development that will complement the existing Canary Wharf estate with office, residential and retail buildings.

Canary Wharf Group will pay £52.4m cash together with an annual ground rent which will grow to £6m per annum as consideration for British Waterway’s stake in the Partnership and additional land interests. Canary Wharf Group has been granted a new 250 year lease offering an upwards only annual ground rent which will provide British Waterways with a long term, stable income stream. Canary Wharf Group already owned 25% of the partnership and had separately acquired the interest of Ballymore which also owned 25%.

Stuart Mills, British Waterways Property Director, comments:

“This is a great deal and wonderful news for the waterways. We received fantastic advice and support from the OC team to enable this complex deal to be completed well within our desired timetable."

The OC team advising British Waterways was led by partners Rajindh Mangat and Tim Simmonds with Gary Lawrenson and associates Jenny Wesker and Tim Hart