News and Press
TLT advises on £26.4 million office sale

The deal is the most significant in Bristol's commercial property market in over six months during several quiet years after the recession.

The Paragon is a high quality 76,000 sq ft mixed-use office development scheme located in the heart of Bristol's business district. The building was developed by Cubex Land Ltd with the financial backing of Palmer Capital and was completed in 2009.

The deal was led by TLT's head of development David Smithen and involved further specialists in real estate, employment, commercial and corporate across the firm's Bristol and London offices.

Chris Button, director at Palmer Capital said, “This is the most significant investment deal in Bristol in the last 12 months. The sale is the product of a quality building and a perfectly executed business plan, combining Cubex’s development expertise and Palmer Capital’s funding strength."

Peter Walford, director of Cubex Land says, "This proved to be a complex transaction and TLT’s active role and intimate knowledge in the structuring and documenting of the initial site purchase and the subsequent occupational lettings was invaluable in enabling us to successfully complete the investment sale. The multi-disciplinary, hands-on set up of the practice proved to be ideally placed to deal with all matters arising in the sale."

TLT's David Smithen says, "Cubex is a highly respected and influential developer, which continues to prosper despite difficult market conditions."

Cubex Land Ltd is a longstanding TLT client. The firm has previously advised the developer on several major deals including the purchase and sale of development parcels from the South West Regional Development Agency at the Morlands Enterprise Park in Glastonbury.