Gazeley Properties is suing Scottish Mutual Assurance after agreeing to sell the leasehold of unit 3 at Optima Park, Thames Road, Crayford in south east London.
Completion took place on 8 January 2002, with Scottish Mutual keeping back a retention of £635,000 for a planning condition, and agreeing to release the money if Bexley Council allowed six vehicle movements per hour at night, according to a High Court claim.
Gazeley obtained confirmation from the council on 8 March that the planning condition had been relaxed, allowing vehicle movements, and after sending written confirmation to Scottish Mutual, sought payment of the retention, the claim says.
But Scottish Mutual has refused to pay the money, which Gazeley says is a breach of agreement.
Now Gazeley is suing Glasgow-based Scottish Mutual for payment of £635,000 or damages for breach of contract, interest and costs.
EGi News 29/08/02
