Client: Fresh Wharf Estate
We have been advising a private family trust in respect of a 17 acre, heavily contaminated industrial estate located adjacent to North Circular in Barking and Dagenham.
From early 2000 through to January 2002, considerable time was spent negotiating and structuring an innovative financing agreement with the London Development Agency. This involved a funding contribution towards the redevelopment of the southern part of the Estate, for an industrial and business space scheme, through a series of phased draw downs with payback provisions over a defined run-off period.
Since 2002, the estate strategy has evolved to contemplate a residential led mixed use redevelopment of the north section of the estate to provide over 1,200 new dwellings and ancillary uses. Gerald Eve LLP marketed the site and selected Countryside Properties Plc as the
development partner. Gerald Eve LLP put together a complex Joint Venture development agreement and the high density scheme is currently in the planning process.
The southern estate provides a range of business units and industrial accommodation. Detailed planning permission for the first phase was secured in 2005 and development commenced in 2006. Gerald Eve LLP is retained to continue to advise the family trust and the Joint Venture vehicle with Countryside Properties Plc in respect of funding, planning, investment and development issues related to the project.
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