Asset Management

Compulsory purchase of car park to facilitate construction of retail scheme in Belfast city centre.

Client

Multi Developments / Department of Social Development

Property Description

550 space multi-level car park required for development of 50,000 sq. metre shopping centre situated in Belfast city centre.

Project Summary

  • Extinguishment of leasehold and freehold interests
  • Negotiated settlement
  • Negotiate grant of management contract to lessee on alternative property

TownCentreParking’s Role

Town Centre Parking was instructed to work with a forensic accountancy team in order to establish the true EBITDA and value of the car park, as well as negotiate the extinguishment of all interests, which, as a quid pro quo for the surrender of their lease, involved the granting of a management contract to the lessee. The following work was undertaken:

  • Gathering relevant cost, revenue and comparable data
  • Detailed analysis of all data
  • Detailed analysis of all lessee’s accounts and identification of ‘trends’
  • Determine strategy for negotiation with parties
  • Determine net revenue and value at effective date of the vesting order
  • Preparation for formal Lands Tribunal hearing
  • Drafting of Statement of Case
  • Negotiation with parties
  • Agree terms and level of compensation for extinguishment
  • Determine structure of management agreement
  • Negotiate grant of management structure
  • Preparation of management-agreement heads of terms

Conclusion

Our expertise, experience and insight into operating practises enabled us to accurately determine the true net revenue position at the effective date of the vesting order. This enabled negotiation to take place from a position of knowledge, which in turn facilitated a negotiated settlement that included an innovative management structure on another car park.


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