Charles Russell Property Team wins back retirement village for owners
24 Oct, 2013
The property team at Charles Russell LLP has successfully advised the retired residents of Crystal Fountain Village in a ground breaking transaction which, reminiscent of the film Quartet starring Dame Maggie Smith, saw the owners of 54 properties purchase their village, neighbouring land and a derelict pub from the administrators providing them with the much desired security and control over their living conditions.
The Village, now to be renamed Woodchester Valley, is believed to be the first and only retirement village owned and controlled by its residents and is already attracting considerable interest from prospective new residents.
Charles Russell started advising Crystal Fountain residents in February 2012 to work on the corporate and leasehold structure for the residents’ acquisition of the freehold, management of the village and leasehold interest. This involved a complex interplay between corporate, landlord and tenant, insolvency and financial services law.
Peter Wilson, Chairman of the Residents Association, said: “We are delighted with the outcome as it provides us with security and control over our living arrangements. This purchase is largely due to the determination of our residents association, as, instead of accepting our fate, we worked together to change our situation. We owe a great deal of thanks to Nigel Morton and his team at Charles Russell for their tireless work in structuring the transaction.”
Betty Young, Vice Chair of the Residents Association added: “I hope this success will prove to be a blue print for other villages in the future.”
Nigel Morton (pictured), Head of Real Estate at Charles Russell LLP’s Cheltenham Office, said: “I am pleased that we have been able to help turn Woodchester Valley into a unique Retirement Village.”
The Charles Russell team was led by Nigel Morton, with assistance from Francis Rundall, Julie Sharpe, Edward Robinson and Nancy Battell in the Cheltenham Office.