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FSI acted on the acquisition and sale of the Daily Telegraph's headquarters at Victoria Central.  To read more about this deal, click here

Service Charges: Law and Practice  

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The property department has 13 partners and some 25 lawyers in total.  Property magnates, developers, investors and entrepreneurs return to the team year after year because of our partner led approach and the range of skills and support available - including specialist finance tax , construction planning and  litigation lawyers.  The team are particularly known for their expertise in the  retail and leisure and  education sectors as well as for their work in relation to the  regeneration projects associated with the 2012 Olympics and Crossrail.  We also have a cross-departmental team advising on investment structures .  The department is the firm’s largest and is currently responsible for some 35% of turnover.    

 

Look closer

With effect from April 2010 the Government is introducing the Carbon Reduction Commitment which will impose energy monitoring obligations on roughly 20,000 of the largest organisations and companies in the UK and will also impose carbon emission trading obligations on the 5,000 largest energy users within that group.  Participation in this scheme is obligatory if you meet the qualifying criteria which are calculated by reference to your electricity consumption.  Broadly if your organisation has an annual electricity bill in excess of £500,000 you are likely to be affected by this.  For a more detailed analysis of how the scheme will operate please click here.
 
The Department of Energy and Climate Change (DECC) has now published its response to the consultation on the Carbon Reduction Commitment.  To download a copy click here.  Some of the key concerns that had been voiced by the industry have been considered, but there has been no change to the fundamental purchase and rebate trading structure, which had been the subject of some detailed criticism. 
 
The first purchase of allowances in April 2011 will be for 1 year, not now 2 years' worth of CO2 credits, recognising cashflow concerns many had expressed.

Large organisations that have sub-groups which would qualify for participation in their own right can now elect to have those individual business entities report and participate separately.  Originally it had been intended that participation in this scheme would be aggregated into the headline group organisation.  This change will be of particular interest to large retail conglomerates, who will now be able to elect to participate in the scheme through their distinct brand entities rather than through the holding company.

A real concern for many was the limited account that the scheme would take of reductions in emissions that had already been made by organisations.  This threatened to unfairly penalise those businesses that had already taken steps to clean up their acts.  The DECC response states that those businesses will now receive greater recognition across not only the first year but also the second and third years of the scheme.  It will still be argued that this does not go far enough.  It could still see businesses electing to not take material steps to reduce emissions until we reach the second phase of the CRC scheme where the price payable for CO2 credits will move off the fixed price of £12 per tonne into market driven, and therefore potentially more expensive, pricing in order to maximise the benefit they gain in achieving emissions reductions.

The Environment Agency will be emailing all businesses that are required to participate at the end of this month.  If you would like any advice or want to discuss how this may affect your business please don't hesitate to contact Martin Smith, head of our CRC group.

Sustainable Business Magazine recently hosted a conference on the CRC at which Niall Mackenzie, head of carbon markets at DECC, gave some hints on some fine tuning that may be made to the CRC order in response to this Summer’s consultation.  To read more about the conference click here.


OUR SERVICE:

Like all teams in the firm, the property department is partner-led and works with clients who prefer hands-on involvement from senior team members, as well as the support of a wider team of highly trained and supervised lawyers.  Clients chose the firm because we:

  • value their business - many comment that they like the way they feel like a ‘number one’ client - a ‘big fish in a smaller pond’. We believe this is why our turnover from existing clients increases year on year
  • involve partners in the detail as well as the big picture - our partners never just turn up for the pitch
  • maximise partner experience to provide quick commercial advice to clients and fast turnaround times
  • provide a holistic service through specialist tax, construction, litigation and planning experts that are an integral part of the department

RECENT EXPERIENCE ADVISING:

  • Technicolor Ltd on the acquisition of a new build for a film processing plant at Pinewood Studios
  • X-Leisure on the re-financing of Riverside Entertainment Centre in Norwich with HSBC
  • the sale of Victoria Central totalling 230,988 SQ FT.  To read more about this deal, click here
  • X-Leisure on the £39.5M acquisition of Cardigan Fields, the leisure complex in Leeds from British Land
  • Tragus Holdings on the property aspects of the sale of Café Rouge, Bella Italia & Ortega chains to Blackstone Private Equity for £267 million
  • over 100 businesses in the Olympic zone on their relocation following compulsory purchase orders (CPO) - the largest CPO in Europe to date
  • Tragus Holdings on the property aspects of the acquisition of the MA Potters restaurant chain for £14.15 million
  • X-Leisure, the UK’s largest leisure fund, as they invest in new projects. The team have advised on the £11.1M disposal of Cineworld Multiscreen Cinema in Sixfields, Northampton, the £9.5M purchase of the UGC cinema in Brighton and the £85.5M sale of Star City in Birmingham to REIT Asset Management
  • Associated British Ports on the sale of regeneration site at Fleetwood Docks for a residential scheme and the sale of site and grant of pipeline easement for a major gas storage infrastructure project
  • Dolphin Square Trust on the sale of interests in Dolphin Square to Westbrook partners for a figure approaching £200 million

OUR CLIENTS SAY...

quotation This was an important transaction for us and we were delighted with the proactive service and quick response times we received from FSI
Michael Testler, Chairman of Royletest Limited, commenting on negotiation of 20 year Marks & Spencer lease.

OUR CLIENTS SAY...

quotation The FSI property team were instrumental in dealing with the key property elements of the Blackstone deal. Over the last four years the service from Julian and the team has been first rate in all aspects.
Phil Derbyshire of Tragus Holdings, who has worked with FSI for four and a half years.

OUR CLIENTS SAY...

quotation The FSI property team were instrumental in dealing with the key property elements of the Blackstone deal. Over the last four years the service from Julian and the team has been first rate in all aspects.
Phil Derbyshire of Tragus Holdings, who has worked with FSI for four and a half years

THE DIRECTORIES SAY...

quotation The new head of the property department is Martin Smith, whose commercial property experience is “second to none,” according to clients.
Chambers & Partners' 2007, A Client's Guide to the Legal Profession

THE DIRECTORIES SAY...

quotation Martin Smith's “presence can be pivotal in transactions - he possesses tremendous intellect, is easy to work with, communicates effectively and is realistic”.
Chambers & Partners' 2009, A Client's Guide to the Legal Profession

THE DIRECTORIES SAY...

quotation

Real estate comprises this firm's largest department. Its expertise in a range of areas – including construction, planning, investment, development, litigation, finance and tax – enables the firm to provide a full service. It has fallen back on niche strengths during difficult times; for example, it has acted on large-scale development projects in the education sector.

Chambers & Partners' 2010, A Client's Guide to the Legal Profession

THE DIRECTORIES SAY...

quotation FSI is known for sterling work in the leisure and retail sectors through Julian Hindmarsh, and also advised The Daily Telegraph and The Independent on office HQ mandates, including the former's acquisition of new premises. It is praised for speedy response times and client care.
Legal 500 Guide to the UK Legal Profession

THE DIRECTORIES SAY...

quotation Finers Stephens Innocent LLP’s dedication to building a credible property practice has resulted in a well-regarded, highly experienced team
Legal 500 Guide to the UK Legal Profession

THE DIRECTORIES SAY...

quotation Clients of Finers Stephens Innocent LLP note the firm’s ‘improving strength in depth’ in non-contentious construction
Legal 500 Guide to the Legal Profession

THE DIRECTORIES SAY...

quotation Michael Kutner brings a “priceless commercial and intellectual presence to the table”.
Legal 500 Guide to the Legal Profession

THE DIRECTORIES SAY...

quotation

Clients say the FSI property group is “responsive and highly competent, very strong and certainly led from the top”.

Legal 500 Clients’ Guide to the UK Legal Profession 2009

THE DIRECTORIES SAY...

quotation

Martin Smith is described as “commercial with on-tap, in-depth knowledge”.

Legal 500 Clients’ Guide to the UK Legal Profession 2009

THE DIRECTORIES SAY...

quotation

FSI property finance team provides “superb service and value”. The team has good links to some leading banks, including Clydesdale Bank and RBS, and is recommended for its growing expertise in the creation of property funds. Graham Reid is “very responsive and willing to find solutions”, while Mark Johnstone is “outstanding in terms of attention to detail and client relationships”.

Legal 500 Clients’ Guide to the UK Legal Profession 2009

THE DIRECTORIES SAY...

quotation

The “commercially minded” Property Litigation team at FSI includes Amanda McNeil, who is “thorough, easy to work with, and clear in her advice”. The team advised the tenant of large restaurant premises in Sloane Square in relation to its opposed application for a new tenancy.

Legal 500 Clients’ Guide to the UK Legal Profession 2009

THE DIRECTORIES SAY...

quotation

With a focus on property acquisition, planning and construction work, Michael Kutner at FSI acts for Newham College of Further Education, for the University of East London, and other institutions on property matters.

Legal 500 Clients’ Guide to the UK Legal Profession 2009

THE DIRECTORIES SAY...

quotation

Michael Kutner is recommended for advising higher education institutions on development projects.

Legal 500 Clients’ Guide to the UK Legal Profession 2009

THE DIRECTORIES SAY...

quotation Finers Stephens Innocent LLP ramped up its development practice with the hire of Mark Johnstone from the London office of Kilpatrick Stockton LLP, abetting a practice busy with development site acquisitions
Legal 500 Guide to the Legal Profession

THE DIRECTORIES SAY...

quotation Melvyn Orton's team is frequently involved in investment, particularly for Littlewoods
Legal 500 Guide to the Legal Profession

   Soundbite May June upright 

Soundbite is the property department's bi-monthly publication. For people in the property world who don't have time to read!  To view the latest issue of Soundbite Express - our regular e-bulletin on property law issues - click here.

Scale Page one  

Scale is our bi-monthly planning publication.  Click here to view our latest edition

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