Leading law firm Blake Morgan has advised Metro Bank on obtaining a 25 year lease on new retail units at Southampton Westquay shopping complex, firmly broadening the bank’s reach into the South Coast. The units are part of an ambitious growth strategy, and the new Southampton store will open on 20th July.
Blake Morgan’s real estate and construction teams assisted Metro Bank with the negotiation of the lease over two years for three of the units.
The space, previously occupied by Jewellers F.Hinds and Starbucks on Above Bar Street is Metro Bank’s first new store in Southampton and Hampshire. The new Southampton store will bring an estimated 25 new jobs to the area.
The deal was led by real estate legal director Anna Larbi alongside team members Debbie Brown, Graham Bennett and David Kianizadeh. The expert team also drew on the experience of Blake Morgan expert construction lawyers Ed McMullen, Marilyn Miles and Rebecca Munday. The team have a long standing relationship with Metro Bank having worked with them on numerous high profile acquisitions since 2011.
Anna Larbi, legal director and real estate expert at Blake Morgan who led on the transaction said: “We are pleased to advise Metro Bank on the lease of these units, which will enable more customers to benefit from their first class services and create new jobs on the South Coast.”
The fit out, once complete, will include a 24 hour service to its customers via a cashpoint facing onto Above Bar. The store itself will stay open between 8am and 8pm Monday to Friday, 8am to 6pm on Saturday and 11am to 5pm on Sundays and bank holidays.
Calum Ewing, head of property at Metro Bank said: “We have a long standing relationship with Blake Morgan who have advised on a number of acquisitions and banking services. We would like to thank the team for their professionalism and ability to making the grant of the lease as seamless as possible.”
Metro Bank currently has 57 stores and has ambitious plans to open 100 stores by 2020.
Blake Morgan has a formidable Real Estate team of more than 60 lawyers who deal with a wide range of real estate projects including commercial and residential development, property investment and asset management, corporate occupier work and rural and agriculture. The Southampton Real Estate team was named Property Law Firm of the year at the 2017 South Coast Property Awards.
The team has extensive experience of advising businesses on the acquisition, management, leasing and sale of high value commercial properties, from single properties to large portfolios.