15 June 2018
Clifford Chance advises Sadler's Wells Foundation on the development and pre-letting of a new dance theatre
Clifford Chance has advised the Sadler's Wells Foundation, one of London's most famous theatres, on the development and pre-letting of a new, additional dance theatre at Queen Elizabeth Olympic Park. Along with the University of the Arts London’s (UAL) London College of Fashion, the Victoria and Albert museum (V&A) including a partnership with the Smithsonian Institution and the British Broadcasting Corporation (BBC), Sadler's Wells is one of the key components of the London Legacy Development Corporation's (LLDC) proposed new iconic cultural and education district, East Bank, which will also include a major new UCL campus and which forms part of the Mayor of London's £1.1 billion vision for Stratford in east London.
The deal is strategically important for Sadler's Wells, having not opened a mid-scale venue during their 400-year history. Clifford Chance advised Sadler's Wells on the structure of the transaction, negotiated the conditional agreement for lease and the headlease and also advised in connection with the proposed estate management structure, planning and public procurement.
Clifford Chance has been working on projects relating to Queen Elizabeth Olympic Park since its inception, advising on multiple aspects of the construction of the London 2012 Olympic Park and the affordable housing provision at the former Athletes’ Village after the games.
Commenting on the transaction, lead Real Estate Partner Ian Painter said: "The firm has a strong relationship with Sadler’s Wells and I have worked with them for over 10 years on various projects. It has been a pleasure to work on the Sadler’s Wells element of the development of the cultural and education East Bank - this is a vital project for the ongoing transformation of the Stratford area which will provide long-term economic, cultural and education benefits to East London for many years to come."
The transaction team comprised Partner Ian Painter, with construction advice from Head of UK Real Estate Construction Marianne Toghill and Associate Adam Waite. Planning and public procurement advice was provided by Head of Environment and Planning Nigel Howorth and Senior Associates Elizabeth Hardacre and James Shepherd. The LLDC were represented by Eversheds Sutherland, where the team was led by real estate consultant Steve Manson, working alongside Legal Director Dave Newstone and Senior Associate Hugo Jay.