Duo land £256m Wolverhampton development deal
Legal Week Reports
October 26, 2005 at 08:03 PM
2 minute read
Pinsent Masons and Norton Rose have both advised on a £256m development project to revamp Wolverhampton city centre.
Pinsents' Birmingham base advised Wolverhampton City Council on the project after winning a tender process for the work last year. Commercial property partner Andrew Yates led the Pinsents team advising on the deal, which completed on 5 October, assisted by associate Claire Hamlin.
Yates said the firm was acting on an increasing number of town centre development schemes. The firm's projects currently underway include Newbury, Hatfield, Stevenage and the City Park Gate development in Birmingham.
"We are seeing a lot of town centre development work. One particular feature now is that the local authorities are much more willing to use compulsory purchase powers to make this sort of scheme possible. This will be massive for Wolver-hampton – it will totally transform it from a retail perspective," Yates said.
Wolverhampton City Council selected AM Development UK, advised by Norton Rose, to design and build the development, a retail complex named New Summer Row.
The development will cover approximately 600,000 square feet of retail and leisure space, including apartments, shops, restaurants and a cinema. Construction is due to start in 2007 with the scheme opening to the public in 2009.
The deal marks the first time Norton Rose has advised AM Development. Property partner Robin Mitchell led the team on the deal, having previously made contact with the client after working on the other side of a development deal in Belfast. Norton Rose associate Sarah-Jane Bond assisted Mitchell on the transaction.
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