Our client owns a large multi-tenanted building (over 100 tenants) part of which falls within the land required for the proposed Silvertown Tunnel (east London). TfL are seeking to compulsorily acquire the car park for the building and one of the main entrances to the construction site will be within 10m or so of the building.
We therefore negotiated with TfL to provide a temporary and permanent car park and fund relocation of its front entrance. A tri-partate agreement with the Council was needed as post completion of the works the proposed land for the car park will be returned to the Council before being let to our client.
The income from all the tenants could potentially be lost if appropriate mitigation is not secured and whilst there would be a compensation claim that could take years to resolve and internal management costs associated with the same would never be recoverable. The agreement therefore protects our client in the best way.