Legal team behind sale of £55.6m PRS scheme revealed
The legal team responsible for completing the £55.6 million sale of a major new PRS scheme in Nottingham has been revealed.
Last week, it was announced that private rental giant Grainger had agreed to acquire and forward fund a major 348-home development at Queens Road adjacent to Nottingham railway station.
It has now emerged that UK top 200 corporate law firm Shulmans played an integral part in sealing the deal, exchanging land and funding agreements on behalf of developer Blocwork.
Kate Johnson, an associate in Yorkshire-based Shulmans’ commercial property team, led the property aspects of the transaction, including site acquisition, the sale to Grainger and the development and funding agreement. Maria Fert and Sarah Wilson dealt with the construction documentation relating to the deal.
The development has already secured planning permission. It will feature mix of upmarket studio, one, two and three-bedroom homes for long-term rent. The complex will also feature a roof terrace, a gym and mixed-use commercial space on the ground floor, as well as 47 parking spaces and 264 cycle storage spaces.
Johnson said: “We have a long-standing relationship with Blocwork and it has been a pleasure to work with the team to secure this BtR scheme. The recent growth in the BtR sector is a sign that investors remain keen to benefit from rising property prices and rising rents, and the proximity of the Queen’s Road site to the railway station makes it a prime BtR location.
“Grainger has clearly taken care to create a development of high-quality design for long-term investment purposes. The benefit of BtR schemes to local communities, providing much needed homes, is clear to see and we are delighted to have been involved in this collaboration.”
Blocwork is a 50/50 joint venture between Bloc Group and Network Rail.
Richard Thomas, development director at Blocwork, said: “We are delighted to have completed the deal, and our thanks go to Shulmans, Grainger and the wider project team as the collaborative effort of all parties was key to its success. The Queen’s Road development is a fantastic example of how BtR schemes can be secured outside of London, and it will contribute significantly to the regeneration of Nottingham and the city’s southern gateway.
“Shulmans has been incredibly proactive in providing invaluable advice to steer us through the complicated legal issues associated with bringing forward a development of this nature in joint venture.”
