The future of disrepair - legal update
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Croftons’ housing and regeneration team has been instructed to advise on a major £21m development scheme that will help transform Liverpool’s historic waterfront.
The 105-unit PRS project is a flagship development for our client, the Regenda Group, and the latest residential scheme announced at Liverpool Waters – a £5b regeneration scheme that will see the area around Princes Dock redeveloped with a range of residential, commercial and leisure facilities.
The scheme is Regenda’s biggest single property investment to date, and a development that reflects their ambitions for the future. It’s also an exciting new procurement route for the Liverpool-based housing provider. Peel Land and Property will act as the development agent – their first PRS project as developer – with Regenda then taking on ownership and management responsibility for the properties on completion.
Croftons’ expert legal advice was sought in a range of areas including the development and funding agreement, agreement for lease, construction and procurement, and the leasehold structures. “As with all large land purchases, there were many technical legal issues to work through on this scheme – it’s been a really interesting project to be part of,” said Croftons Partner, Julie Loggenberg.
“It’s fantastic to be involved in Regenda’s ambitious development programme and support the growth of their portfolio of PRS stock," Julie continues. "We’re really looking forward to these plans becoming a reality and seeing high-quality new homes for rent come to this area of the city - it’s a major milestone in the wider regeneration of the area.”
Martin Davies, Director of Development at Regenda, said: “This is an exciting and spacious scheme which will be a high quality development in a wonderful setting on the River Mersey, and the first of a series of city centre developments. We’ve worked with Croftons for many years and their property development expertise has been crucial to the smooth progress of this complex project.”
Peel and the Regenda Group expect to submit a planning application early this year and begin construction later in 2017. Find out more about this exciting regeneration scheme at www.liverpoolwaters.co.uk
Croftons is the trading name of Croftons Solicitors LLP, a limited liability partnership registered in England and Wales with number OC343375. The term ‘partner’, if used, denotes a member of Croftons Solicitors LLP or a senior solicitor of Croftons Solicitors LLP with equivalent standing and qualifications. A full list of members is open to inspection at the office. Croftons is authorised and regulated by The Solicitors Regulation Authority (SRA) number 508041. Croftons has its principal place of business at The Lexicon, Mount Street, Manchester, M2 5FA.