Ashfords LLP, one of the UK’s leading law firms, with nearly 500 staff and offices in London Bristol and throughout the Southwest, is pleased to announce that it has advised James Brent’s Five Directions Ltd (FDL) on its acquisition of Plymouth Pavilions.
FDL (an Akkeron Group Company) bought the site from Plymouth City Council in anticipation of an £83m redevelopment (to include re-cladding the Pavilions, creating a new entrance foyer, providing additional backstage and support spaces, improved lighting and acoustics and increased capacity).
Longer term plans for the site include residential and retail development, an hotel, and creating a link between Millbay and the city centre. The Pavilions ice rink will continue to operate until the new rink opens on the car park at Plymouth Argyle’s Home Park stadium.
Led by Commercial Property Partner Andrew Macmillan-Scott, assisted by Rebecca Gliddon, Associate and Carli Hooton, Solicitor, Ashfords advised on the property aspects including the site acquisition.
Ashfords Corporate Partner Louise Workman led on the commercial side, dealing with the management agreement between FDL and Theatre Royal (Plymouth) Ltd for the continued operation of the site.
Andrew Macmillan-Scott said: “We were very pleased to have been involved in such an exciting deal, ahead of a major redevelopment in Plymouth. We believe this is testament to our Commercial Property Team’s expertise in handling large and complex transactions across all sectors of the property industry, and the depth of experience our Corporate Team has across the full spectrum of corporate transactions.”