Due to be completed in early 2002, the 152,000 sq ft building has been pre-let to Cazenove & Co, the blue chip independent investment bank, on a 25 year lease, and will be managed by Matrix Property Management. The scheme has been financed by a £79 million loan from Bank of Scotland.
The use of special-purpose vehicles to own individual properties is growing in the UK, primarily as a way of avoiding Stamp Duty, the 4 per cent tax levied on all capital transactions. Registration in an offshore banking centre like Jersey or Guernsey in the Channel Islands brings additional tax advantages.
David Ryland led the team at solicitors S J Berwin which advised Mmatrix. Stephen Elvidge at Simmons & Simmons acted for the developer MEPC and Nicholas On at Eversheds acted for the Bank of Scotland.
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