Firm advises on ground-breaking property partnership | 22 July 11
LAW firm Ward Hadaway has advised on the formation of a strategic partnership between Barratt Homes and Peel Group to develop a series of housing schemes across the North.
Property experts at Ward Hadaway advised Barratt Homes on a Framework Agreement with Peel which will initially cover 80 acres of land on six sites.
These sites have the potential for over 1,000 new homes to be built over the next five years with a total end value approaching £200m.
Five of the sites are in the North West and are being handled by Barratt Homes Manchester Division with the remaining site in Yorkshire being managed by Barratt Yorkshire East.
Detailed planning applications are set to be submitted shortly for two sites in Wigan and South Liverpool for almost 500 houses, with the other sites in Greater Manchester, Cheshire and South Yorkshire to follow once technical assessments have been concluded.
Stephen Hawkins, consultant in the property team at Ward Hadaway, led the firm’s team advising Barratt Homes on the agreement.
Stephen said: “We are delighted to have played our part in helping to bring about this Framework Agreement.
“It is a really ground-breaking and far-sighted move by Barratt Homes and Peel Group to combine their formidable strengths to boost the supply of new homes across the North.
“As a firm, Ward Hadaway has advised Barratt Homes for many years so we are very pleased to have been able to assist the company in opening an exciting new chapter in its ongoing development.”
Neil Goodwin, Managing Director of Barratt Manchester, welcomed the assistance given by Ward Hadaway and commented: “The Framework Agreement established between Barratt and Peel is an innovative partnership.
“It involved some complex considerations and having worked with Stephen Hawkins for many years, Barratt Manchester had confidence in utilising his experience, commercial expertise and attention to detail to ensure that all legal matters were dealt with effectively and in line with the partners’ aspirations.”
David Smith of Woodcocks Solicitors advised Peel Group on the agreement.
Louise Morrissey, Director of Land and Planning, Peel Land and Property, said: “We are delighted to have reached a mutually beneficial agreement with Barratt Homes as our partner.
“Our agreement with Barratt Homes represents a new way forward during these times of recovery for markets generally and the housebuilding industry in particular. The goal is to bring forward our residential sites and deliver quality new family homes which we know Barratt Homes will do.”
It is hoped that the first homes to be built under the Framework Agreement will be on sale by Spring and Summer 2012.
Ward Hadaway’s property team advises a wide range of clients across the sector, including leading housebuilders, national retailers and property investors.
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