A team of lawyers from leading legal business DWF has helped bring nationally historic buildings back into use thanks to their specialist expertise in business premises renovation allowances (BPRA).
DWF is one of the market leaders in using BPRA, a tax relief in the form of enhanced capital allowances, to provide a new lease of life for historic and derelict buildings.
The legal team has recently been involved in the £40million fund raising venture to bring Cardiff’s Coal Exchange back from disrepair and also played a major role in the success of a £15million investment to save The Old Shire Hall in Durham.
Partners Jon Stevens and Melanie Williams led the team. Jon Stevens said: “We’re delighted that we are able to play our part in saving these historic buildings in the UK. The transactions were only feasible thanks to BPRA, without which the buildings could not be saved as the costs involved are too great. There are many historic buildings across the UK currently in a state of disrepair that could be renovated using this government incentive but the lack of legal advice available to owners and investors is preventing this from happening.”
The deals required DWF’s advice across numerous areas including tax, real estate, banking, construction, corporate and hospitality practices, with the advice coming from several of the legal business’ 11 UK offices.
Both Grade II listed buildings are now set to have their historic features restored and their heritage protected, something the legal business is urging other owners in similar positions to consider.