Jonathan Bone

Expertise

• Landlord portfolio Landlord and Tenant
• Real Estate Finance particularly relating to large portfolios and development finance
• Development

Key experience

• Acting on two linked Amendment and Restatements of an existing £48 million facility with National Westminster Bank plc to provide additional advances to fund the acquisition of two property interests; the freehold reversion of a mixed use development in Lancaster with a national hotel operator anchor tenant and a care home in Gateshead from a group company. The client had sold the Lancaster property in a sale and leaseback arrangement in 2015. The amendment and restatement allowed the client to buy the asset back in and improve cashflow with the removal of a significant annual ground rent. In addition, it was also possible to take advantage of increased values to improve loan to value across the portfolio and redeem existing borrowing. The first part of the transaction was completed in little over a month with the banking elements completed in circa two weeks. Timing was critical for the client due to ongoing development cost obligations across the group.

• Acting on two tranches of development financing to fund planning and infrastructure costs for part of a large residential development site at a former steelworks site in Workington, Cumbria. The site was problematic in that whilst the wider site had had outline planning permission which had been implemented and developed in part by a national housebuilder, that permission had lapsed for the remainder of the site. In addition, whilst there were access and egress rights and reservations across the developed parcels, there were no formal access rights across some of the parcels within the retained land albeit those parcels were in the ownership of group companies. The matter therefore needed an in depth knowledge of the title to the site to guide the lender’s solicitors to ensure they were happy that the site offered adequate security. Timing was critical due to committed development and planning costs. Tranche one was completed in less than one month. Tranche two was completed in under two weeks immediately prior to the Christmas break.

• Acting for the landlord in dealing with advice around the rent arrears and administration of an existing tenant, the preparation of a reversionary underlease to the existing undertenant and the subsequent surrender of the lease opposite administrators to procure a direct contractual relationship with the undertenant for the residue of the existing underlease to be followed by the new reversionary underlease. The matter required advice from the real estate, insolvency and property litigation teams. The transaction ensured continued income for the client which was essential for valuation purposes for wider refinancing transactions.

Relevant experience

• Industrial
• Energy/Chemical Sector Projects
• Development and Regeneration
• Residential Development

Date of qualification

Jonathan qualified in 2006.

Interests

Jonathan enjoys DIY, watching motorsport, live music, good food and beer.