Manchester law firm assists in redevelopment project of Hyde site
24th May 2018
UK top 100 law firm Ward Hadaway has assisted on the redevelopment project of a site in Hyde.
The Manchester office of the firm provided legal advice to North West based national developer, Real Estate Investment Partnerships, on the redevelopment of the site in Greater Manchester, resulting in a £1.32m disposal.
Real Estate Investment Partnerships with Hardy Mill Properties initially bought the development on the site of the former Bay Horse Public House in 2015. Demolition and construction started in December 2016 and completed in the summer of 2017 with The Co-Op taking the 3,500 sq ft anchor unit.
Real Estate Investment Partnerships has also signed White Cross Vets to occupy a second unit at 2,000 sq ft.
Ward Hadaway was involved throughout the life of the project, advising on the initial acquisition of the site, through planning, demolition, finance, construction, lettings and the ultimate disposal of the investment. The transaction which spanned three years involved various disciplines and some complex issues, with Ward Hadaway at the centre of co-ordinating the efforts of the various parties and stakeholders involved.
The Property team at Ward Hadaway were able to draw on expertise across the firm to achieve the objectives set by Real Estate Investment Partnerships.
Andrew commented: “Everyone working on this project had a common goal to achieve the successful regeneration of the Hyde site and the creation of a strong investment product. It has involved a genuine firm-wide team effort and we are delighted to have been involved.
“It is immensely satisfying to have worked very closely alongside our client throughout the entire process, ensuring delivery at the key stages, namely buying the asset, refinancing, construction, retail lettings and selling the end product as a valuable investment.”
Simon Gallanders, director at Real Estate Investment Partnerships, said: “The team at Real Estate are really pleased with the sale of this site and we’re very grateful to Andrew and the team at Ward Hadaway not only for their legal skills and expertise, but also in the commercial understanding and value added in driving the project over the line.
“When we bought it we saw a lot of potential and our aim was to build something that would really benefit the local community. It is well located to provide a much needed amenity for locals as well as those passing between Stalybridge and Hyde.
“Andrew and the team promoted and protected our interests from start to finish as a dedicated extension of our own team. We look forward to working with them on other projects.”