Newcastle-headquartered commercial law firm, Watson Burton has advised Lok Developments on the purchase of Eagle Star House – a deal valued at £9.5 million.
The investment is in a disused tower block in Gosforth, formerly used by the DVLA. The large residential development will see the creation of 54 high end units and there are plans for further units and parking.
The firm delivered a range of legal services to Lok Developments to support the corporate investment and property deal.
Marc Allison, partner at Watson Burton, said: “We are delighted to have worked with Lok Developments in securing this investment and helping them move forward on the development of the site.
“The property deal was complex, so required highly specialist legal advice.
“Our expertise in working on high-value investments and property deals, together with our experience in the employment, property, corporate and commercial fields, ensured we were well placed to advise Lok Developments on this deal.
“We look forward to working with Gary and the rest of the team again in the near future.”
Gary Morton, Managing Director, Lok Developments, said: “It has been a pleasure working with the team at Watson Burton. I was impressed by their professionalism and I believe they acted in the best possible way for a successful outcome.
“The project had a tight timeframe and all deadlines have been met. I look forward to continuing work with the team.”
Refurbishment is currently underway at Eagle Star House and Lok Developments has plans to further expand the parking facilities at the site and gain planning permission for additional units at the top of Eagle Star House.