The Bank Station Capacity Upgrade project in the City of London is being undertaken by Transport for London (TfL). To facilitate the project TfL applied for an Order under the Transport and Works Act, to secure powers to compulsorily acquire several buildings located above Bank Station, in third party ownership and occupied by both commercial and retail tenants.
DWD was appointed by five business tenants, including Kelly Services and Trident Building Consultancy, who occupied properties that were proposed to be acquired by TfL.
We provided our clients with advice on the compulsory purchase process and on the compensation that they were entitled to as leaseholders under the ‘Compensation Code’. This included providing advice on the market value of their interest in the land including profit rent, disturbance compensation and loss payments.
DWD submitted compensation claims on behalf of our clients and negotiated the claims with TfL in order to secure advance payments, before agreeing full and final settlements with TfL.
In addition, DWD worked closely with our clients to help them relocate. DWD successfully identified and secured relocation properties to enable all our clients to remain within the City and to vacate before TfL required vacant possession in early 2016.
Please contact Richard Greeves and Emma Penson for further information.