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13 February 2015

Charles Russell Speechlys advises Lum Chang on the sale of prime mixed use block in Kensington to Grosvenor Fund Management

Charles Russell Speechlys recently advised the property investment arm of Lum Chang Holdings on its sale of corporate vehicle owning the freehold of 42-60 (even) Kensington High Street to Urban Retail V, a fund operated by Grosvenor Fund Management.

This property consists of four prime retail units, which are positioned in one of the key retail locations in the Royal Borough of Kensington and Chelsea.

The retail, residential and office accommodation at 42-60 (even) Kensington High Street constitutes 88,000 square feet (approximately) of floor space, the retail component of which amounts to almost 51,000 square feet.

Current tenants of the retail units include Uniqlo, Zara, Topshop and Miss Sixty. The residential and office components of the property have been sold on long leases, as part of separate transactions.

William Nash, Corporate Partner, led on the corporate elements of the deal, and Mark Smith, Partner and Head of Real Estate, oversaw the real estate aspects.

Discussing the sale, Mark Smith said:

“We are pleased to have been able to provide legal support to a client as distinguished in the real estate sector as Lum Chang, and on such a high profile transaction. We enjoyed collaborating with their team, and look forward to assisting them with any deals they may have in the future.”