Tuesday 26.02.2008

Turning Tenants Into Owner-Occupiers

Real estate partner Ross Wellman, who recently joined law firm Halliwells, has advised Developer Nikal on the contracts and lease agreements for its new office concept, MyBuro.

This new concept allows businesses to purchase their own office space, in much the same way as a home-owner or residential investor would. The added advantage is that this is potentially tax efficient if, for instance, purchased through a SIPP, subject to purchasers' status.

The MyBuro building at 20 Market Street, Altrincham, is the company's pilot scheme, and comprises 12 office suites, the smallest of which is suitable for a firm of three, while the largest can accommodate 20. The first release of suites have been sold to accountancy, PR and IT firms. Prices range from £100,000 to £500,000.

Ross Wellman from Halliwells commented:

"MyBuro is the first office development I know of its kind. This new concept is a potentially tax efficient, pension qualifying investment and in both the long and short term definitely makes more sense than renting."

Nikal has also identified further sites for the MyBuro concept in Manchester, Birmingham, Bristol, Hull and Poole, and is actively seeking 30 new sites across the UK.

About Halliwells

Halliwells is one of the UK's leading multi-disciplinary law firms with over 1000 people and offices in Manchester, Liverpool, London and Sheffield



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