Real Estate
Urban Regeneration
Kingsley Napley has been acting for the purchaser of one of the most significant urban regeneration projects in recent years. This has involved a complex site assembly in a major city centre location comprising over 30 acres of former industrial land. The land itself was split amongst 42 separate entities, including 56 registered titles and 7 parcels of adversely possessed land. The titles, riddled with historic covenants, are to be merged and then split between four (4) UK registered Companies.
Notwithstanding the obvious logistical problem of contracting with so many vendors on commercially acceptable terms (which has taken in excess of two years), the project has required various significant businesses operating from the site to seek suitable relocation. Accordingly Kingsley Napley are in the process of securing numerous industrial sites on the outskirts of the city, including the negotiation of the acquisition and construction documentation and relocation terms to dovetail with the development of the main site. Timing has been a crucial and strategic element throughout this transaction.
Given its city centre location, the planning process is particularly sensitive and detailed and could not have even begun without the fullest co-operation of the City Council. This is one of the largest planning applications to have been given delegated powers of determination. Kingsley Napley will be negotiating the Section 106 agreement.
In addition, Kingsley Napley has been instructed for the construction and subsequent on-sale of the various phases to the multi-use development, which shall include, the most up to date, environmentally friendly, affordable and private housing comprising of at least 2,400 units, along with a landmark 5 star hotel in excess of 20 storeys and various other commercial, cultural and retail uses along with public spaces. Kingsley Napley will be responsible for the grant of the complex rights and easements required throughout such a diverse urban development.
