Clifford Chance

Clifford Chance and Irwin Mitchell advise on £143 million acquisition of prime Mayfair residential development

National law firm Irwin Mitchell's real estate team has advised a division of John Caudwell's property investment and development business on its acquisition of Audley Square House on South Audley Street in Mayfair, London. Clifford Chance's real estate team advised the vendor, Hedleigh (Mayfair) Limited.

The prime £143 million 0.6 acre residential site, just behind the Dorchester hotel has planning permission for high-end residential apartments in excess of 157,000 sq ft.

John Caudwell said, "This is an exciting opportunity to develop super-prime residential property in the heart of Mayfair, but there are a number of significant obstacles which need to be overcome. Although we are intending to take a considered and unhurried view on how best to progress, the key process of inviting proposals from a select number of prospective development partners has already begun."

The Irwin Mitchell team was led by partners Rob Thompson and Rupert Dowdell, assisted by Louise Cartwright, Claire Illingworth and Alex Brown. The Clifford Chance team was led by London Real Estate partner Tony Briam and Senior Associate Alis Pay.

Lead Clifford Chance Senior Associate Alis Pay commented, “This was a very interesting deal to work on as it involved some complex legal issues requiring the varied strands of expertise in our team.”

Richard Bosson, of Caudwell Properties said, "This was a complex transaction and we were under considerable time pressure from the outset. Irwin Mitchell were absolutely key. They proved themselves to be totally competent and professional but also to have the necessary expertise, capacity and commercial sensitivity to bring this acquisition to a successful conclusion.”

Owen Kelly, Director of Hedleigh, said, "Clifford Chance excelled during the sale process, displaying professionalism and commercial sensitivity at all times on a transaction which required multi-faceted expertise from a leading real estate legal team".