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Eagle House, The City: Disposal of a part built 28-storey residential tower

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The Challenge

C&W was appointed by McCabe / NAMA to dispose of Eagle House; a part built 28-storey residential tower on City Road of some 200,000 sq ft.

At the point of C&W’s instruction, the debt vested in NAMA, which was concerned to achieve best value from the disposal. The disposal presented a number of complex issues. We had to assess adequacy of warranties, LADs with RSL, contractual commitments, rights of light claims, overage mechanisms planning compliance and cost to complete.

There was an outstanding rights of light claim in respect of the property, which given changing case law had become highly contentious.

The Solution

Owing to the complexity of the site and the need for bidders to prepare detailed submissions, C&W agreed with McCabe/NAMA to undertake a measured target market campaign.

C&W had to devise a complex transaction structure to facilitate an unconditional exchange while giving the buyers certainty that the rights of light issue would not affect the development.

The Results

The process devised by C&W was short and intensive. All bidders were obligated to enter into non-disclosure agreements, providing access to a SharePoint site, and prescribing the basis upon which bids were invited.

The process was designed to limit conditionality by providing bidders with clear information, a framework and a project programme.

We sold the asset in 2012 for £50.7m to Mount Anvil.

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