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TLT has advised affordable housing provider, Network Homes Limited, on the development and disposal of an element of its landmark £140m residential property development in Southall, London to Grainger plc, the UK's largest listed residential landlord.
Network Homes is developing 575 residential units, including 174 affordable apartments, commercial space and public amenity areas, 400 of which will be acquired by Grainger – making it one of the largest developments it has procured from a third party developer.
The project will inject much-needed high quality privately rented housing units into Greater London, as well as a considerable number of affordable homes.
TLT advised Network Homes on all aspects of the transaction, including complex negotiations and documentation relating to the transfer of land interests, planning, a development forward funding agreement, construction, third party appointments and risk warranties.
The team was led by TLT’s head of social housing Linda Convery, supported by construction partner Stacey Cassidy, tax partner Mark Braude, planning partner Katherine Evans, and real estate associate Kristian Scholfield.
Earlier this year, TLT supported Network Homes on the acquisition of a large affordable housing development at Burnt Oak Broadway, near Edgware, from Edgware Iron Works Limited.
David Gooch, executive director of development at Network Homes, comments: “Grainger is a significant operator in the private rented sector and we’re pleased to have reached an agreement with them to provide such a significant number of homes. This is an important milestone for us, as we do our part to provide more high quality, purpose-built private rented units across London, as well as affordable housing that will hugely benefit local communities.
“We are grateful to TLT for their excellent support and advice throughout this important project. Given the scale and sheer complexity of the deal, their knowledge of the sector and experience on these kinds of deals was invaluable in getting this over the line.”
Linda Convery, partner and head of social housing at TLT, says: “This is an incredibly exciting project in the PRS space, and one that comes at a time when demand for affordable housing is higher than ever. It is no secret that the UK is facing crises both in terms of housing affordability and quality, so it’s very rewarding to have worked on a project that delivers on both fronts.
“Our involvement on this large and complex project, for which we were able to bring our full service offering and expertise to bear, once again speaks to the confidence our clients have in us to support them on their most challenging and significant matters.”
14 October 2021