Supporting CGU International Insurance
Our property and dispute resolution departments worked together to support CGU International Insurance in relation to a property in Croydon occupied by Alders Department Stores, which had gone into administration.
The property formed part of a large area subject to a compulsory purchase order (CPO). Bearing in mind the difficulties in re-letting over the medium to long term due to the CPO, we advised on the strategy to be adopted in relation to that insolvency.
We also pursued an objection to the CPO, and worked with counsel at 39 Essex Street to prepare and lodge a statement of case and evidence in support. Liaising with surveyors from Colliers CRE who advised on planning and valuation matters, we helped CGU to reach a favourable outcome which included a private sale of the property to the acquiring authority under the CPO and recovery of our costs in full.
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