Blake Morgan's Property and Construction teams advised client National Regional Property Group (NRPG) on their successful handover of Southampton's second Build to Rent scheme in East Street comprising 132 one and two bedroom apartments in Southampton City Centre in a deal worth £27 million.
The scheme was entered into in following the successful land acquisition and subsequent land sale (subject to planning), forward funding agreement with Grainger Plc and related construction documentation with the design and build team including PMC Construction.
The development, known as Gatehouse Apartments, which was completed by NRPG and PMC Construction reached practical completion in March 2021 and has been handed over to Grainger plc, the UK’s largest listed residential landlord, who will own and manage the 14-storey building which boasts a range of resident amenity spaces including roof terraces, a gym, communal lounge area, and co-working space, as well as 462 sq ms of commercial space at ground floor level.
The property team led by Associate, Ben Bystry, advised NRPG on multiple land acquisition contracts together with the land sale agreement and forward fund development agreement with Grainger. Leading the construction team was Partner, Ed McMullen, responsible for dovetailing the building contract and design team obligations with the stringent requirements of the funder.
Of great assistance throughout for the successful completion of this deal was John Shallcross with regard to some of the complex forward funding payment provisions, Stamp Duty Land Tax and VAT consequences.
Allan Gordon, Managing Director of National Regional Property Group, said:
National Regional Property Group have successfully concluded the final phase of their East Street Development in Southampton, achieving Practical Completion and Final Account Agreement simultaneously two years after purchasing the site and signing a deal with Grainger plc for 132 one and two bed flats for the Private Rented Sector. The legal team at Blake Morgan LLP worked tirelessly with NRPG to wrap up the complex land purchase and sale and the smooth delivery and conclusion is testament to the quality and clarity of the Contracts.