Addleshaw Goddard has advised developer Waterside Places Limited Partnership ("WPLP") a joint venture between Muse Developments and the Canal & River Trust, on the £40m sale of a 108 private-home PRS development to Grainger Residential.
Newcastle based Grainger, has agreed to forward-fund and acquire the 108 PRS units, which will be built out by WPLP, representing a significant milestone towards realising WPLP's vision to deliver over 500 new homes to this part of London.
The residential development forms part of the first phase of WPLP’s Hale Wharf scheme in Tottenham Hale, N17, London (to be known as Lock 17). It forms part of a wider regeneration plan to create over 500 new canal-side homes, public realm and commercial and leisure space (all of which will be linked to a district hearing network) developed in one of the Mayor of London's key Housing Zones.
The cross-discipline AG team was led by Real Estate Partner Andrew Martin, with support from the construction, infrastructure, planning, finance and tax teams.
The development has meant balancing the requirements of a large number of stakeholders, including Haringey Council as local planning authority, The Greater London Authority (who are providing grant funding for the infrastructure for the scheme); GLA Land & Property (who are providing development finance; The Environment Agency, Lee Valley Regional Park and the Canal & River Trust as owners of the canal and adjoining land and McLaren Construction who have been engaged as main contractor for Phase 1 of the scheme, which will consists of 249 new homes and a new pedestrian bridge over the River Lee Navigation.
Andrew Martin, Real Estate Partner at Addleshaw Goddard said: "This was a hugely complex and strategically significant deal, particularly for WPLP as it unlocks the development scheme and their vision for the future of this area. This transaction continues the unabated rise of PRS, despite the slowdown in the wider residential picture, as we recognise that this asset class is becoming ever more mainstream and is making a major contribution towards meeting the capital's housing needs."