Eversheds bags £250m Holt Town development
Eversheds has bolstered its credentials in the regeneration sector after landing a headline role on one of the largest ever redevelopment schemes in the north of England.
February 14, 2007 at 10:02 PM
2 minute read
Eversheds has bolstered its credentials in the regeneration sector after landing a headline role on one of the largest ever redevelopment schemes in the north of England.
The firm is advising new client Citibas Investments on the company's £1bn Holt Town Waterfront scheme, which is set to overhaul a 95-acre former industrial district in East Manchester. ING and UK property giant Stanhope are among the key shareholders of the newly-formed Citibas.
Eversheds bagged the high-profile mandate late last year on the back of previous relationships with Citibas executive directors Mike Appleton and David Shelton, who the national firm had worked with previously at Amec and English Partnerships.
The deal, which was announced at the end of January, is expected to generate work for Eversheds for at least 10 years. The firm will also advise on construction and planning of the new development.
Real estate associate Paul Hothi is leading the team for Eversheds with support from planning associate Lisa Tye and partner Stephen Sorrell, who heads up the national firm's real estate development group.
The scheme will see the construction of a new residential area featuring at least 4,500 homes, with additional space for new businesses, shops, restaurants and bars.
Holt Town is located near Manchester's Sportcity site, which was built for the 2002 Commonwealth Games and was this month named as the preferred location for the UK's first super-casino.
The mixed-use development, which is less than a mile from the city centre, will also accommodate a new station on Manchester's Metrolink train system. Construction is expected to begin in early 2008.
Manchester City Council, which has greenlighted the project, turned to its in-house legal function for advice with senior lawyer Jon Paramour in the lead role. The Northwest Regional Development Agency is also likely to be involved.
Hothi commented: "The endorsement of the council means this ambitious project can now get started in earnest."
The instruction is a feather in the cap for Eversheds, which is also currently advising on several other regeneration schemes, including similar projects in Brighton and Sunderland.
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