Forsters picks up £500m Croydon residential development mandate
Property boutique Forsters is advising regeneration specialists Menta on a £500m mixed-use development scheme in Croydon.The firm has been fielding a team led by commercial property partner Eugene McMahon advising Menta on the scheme at Cherry Orchard Road in Croydon, next to East Croydon station. McMahon's team is providing Menta with property, planning, construction and finance advice on the project, which is expected to create more than 1,000 residential units across three towers.
December 10, 2008 at 10:58 PM
2 minute read
Leading property boutique secures major London development opposite McGrigors
Property boutique Forsters is advising regeneration specialists Menta on a £500m mixed-use development scheme in Croydon.
The firm has been fielding a team led by commercial property partner Eugene McMahon advising Menta on the scheme at Cherry Orchard Road in Croydon, next to East Croydon station.
McMahon's team is providing Menta with property, planning, construction and finance advice on the project, which is expected to create more than 1,000 residential units across three towers.
One of the towers will be 51 storeys high – making it the tallest residential tower in London. Planning application for the scheme, which will also comprise 470,000 sq ft of commercial development, was submitted to Croydon Council late last month, with a decision expected in spring 2009.
McMahon said: "The project is a very good example of our cross-disciplinary work, as it brings together the commercial property and finance expertise of the firm. At the moment, this type of project is good for firms as the scheme has legs. At a time when the investment market is flat, this kind of major regeneration project – which takes years – provides a good stream of work for law firms."
Royal Bank of Scotland funded the project, with the bank turning to Scots leader McGrigors, where former partner Colin McKay headed the team before leaving for Eversheds. London-based finance partner William Greig subsequently took over from McKay.
The Cherry Orchard Road scheme was designed by Ken Shuttleworth, of Make architects, who also designed the Gherkin tower in the City.
Separately, Eversheds has advised Croydon Council on a partnership with developer John Laing for a different £450m regeneration project in Croydon. The deal makes Croydon the first local authority to use an asset-backed public-private urban regeneration partnership, with the pair creating a 25-year union with 50/50 ownership.
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