Cambridge legal team drives £1.2 billion deal to deliver 3,500 new homes
Cambridge-based UK law firm Mills & Reeve has advised Urban&Civic on a pioneering partnership deal to develop a £1.2 billion new homes project at Manydown in Basingstoke, Hampshire.
Urban&Civic is well known for its forward-thinking approach to new communities and other successful developments also helped by Mills & Reeve. They include Alconbury Weald in Huntingdon, creating 6,500 new homes on a former cold war airfield, at Houlton in Rugby (a new community of 6,200 homes) and at Waterbeach in Cambridgeshire where a similar sized new community has recently started in development.
This new development of 3,500 homes at Manydown is already green-lighted for planning and will include community facilities, schools, businesses, shops and a 250-acre country park.
It is the first phase of one of the largest residential-led development schemes in the South East of England and one of the major projects in the government’s garden communities’ programme.
Mills & Reeve advised Urban&Civic on unique partnership arrangements with Basingstoke and Deane Borough Council and Hampshire County Council and also with the global charitable foundation, the Wellcome Trust.
Lawyers at the firm advised Urban&Civic (and also a joint venture vehicle owned by Urban&Civic and the Wellcome Trust) on all of the detailed partnership agreements, finance agreements and property and development agreements.
Christine de Ferrars Green, partner at Mills & Reeve who led the project, said: “Over nearly four years, through competitive tendering dialogue to closing the deal we have helped embody this winning bid into a joint venture framework which is designed to bring out the best in public-private sector working together.
“We are proud to be supporting Urban&Civic in the ambitious plans to deliver another high quality development that will create a great place for people to live, work and enjoy their lives.”