Commercial Property (Case Study)

25 Years In The Life of A Local Landmark

Riverside House was one of the largest (and some would say most attractive buildings) erected in Northampton during the 1970s. It fronts on to the Bedford Road with views over Midsummer Meadow and the River Nene. Originally the headquarters of Rockware Glass (the firm who were going to transform the employment opportunities in Northampton but disappeared before they were able to) and latterly the head office building for Scottish & Newcastle Brewery.

Max Engel became involved with the building when the current owners purchased shares in the Company whose single asset was the building. There were numerous complications at that time including a tricky taxation point (which required urgent advice from Tax Counsel) as well as sorting out a Shareholders Agreement with a number of subsidiary shareholders. The share purchase was completed within the timescale permitted despite the complications of the title which originally involved a developer builder sub-letting to the occupational tenant with any number of subsequent alterations.

Subsequently Max Engel was involved in the purchase of an adjoining building which was let on a temporary basis until it was needed in connection with the redevelopment of the site and the extension of the car park.

There followed a lengthy and complicated claim for lease dilapidations which involved a top QC and one of the country’s foremost specialist valuers. We were then involved with some aspects of the redevelopment and liased closely with the quantity surveyors and letting agents in the re-letting of the building. Because of market conditions, Riverside House has now been let in individual floors entailing some specialist Landlord & Tenant work by the firm.

To complete the job, Max Engel dealt with the sale of the freehold investment. Interesting work for the practice and a little bit of local history in the making.