Square One Law acts for Meaalofa Developments Limited on first acquisition
North East commercial law firm, Square One Law advised Meaalofa Developments Limited on its purchase of the Gorsebrook Park industrial site in Dagenham.
The rail-connected site which is currently vacant comprises 28 acres of land and 487,243 sq ft of warehousing and cold store facilities.
Meaalofa Developments – a newly formed joint venture company established by Trevor Silver and Farouq Sheikh– purchased the land with the intention of refurbishing and re-letting the existing buildings.
Speaking of the deal, Trevor Silver said: “In the current market it can be difficult to justify new developments. Having extensive experience of redeveloping existing properties and bringing them up to standard and we are delighted that we were able to grasp this opportunity in Dagenham.”
Farouq Sheikh continued: “The purchase of the Dagenham site marks Meaalofa’s first acquisition and we look forward to refurbishing the properties and welcoming new tenants.”
As well as upgrading the existing space the company plans to develop a further 250,000 sq feet of industrial space on the site.
As a long term adviser to Trevor Silver, Square One Law’s property partner Barney Frith acted for Meaalofa Developments during the acquisition.
Barney said: “This was a complex transaction that involved the structuring of a complicated joint venture. Despite the challenges we are pleased to have played a part in the creation of Meaalofa Developments and to have helped it to complete its first acquisition as a new business.”
Trevor Silver continued: “This project was complicated to structure between the various parties and their respective legal advisers. Square One Law worked tirelessly to get the deal done.”