Birketts clinches £20m funding for Winerack
Law firm Birketts has secured dual funding on behalf of Ipswich Wharf Developments Ltd to enable the company to complete the Winerack – a major Ipswich regeneration project.
A total of £20 million has been secured with a £15m investment through Homes England’s Home Building Fund and £5m from New Anglia Local Enterprise Partnership through its Growing Places Fund.
The project will deliver 149 homes, 5,000 square feet of commercial space and about 56 jobs to the Regatta Quay area by the end of 2020 and feature a significant car park ‘stacker system’ for 264 vehicles.
Birketts advised on all legal matters with Adam Auger (Commercial Property), Nick Burt (Banking and Finance) and Rory Abel (Construction) forming a multi-disciplinary team.
Ipswich Wharf Developments Ltd acquired the partly completed skeleton building after City Living went into administration in 2010 and work recently began to complete the waterfront building.
Nick Burt from Birketts said: “I am delighted that we have been able to advise Ipswich Wharf Developments Ltd on this innovative financing structure and to help unlock this major redevelopment project for Ipswich.”
Jeremy Scowsill of Ipswich Wharf Developments added: “The team at Birketts worked tirelessly to help Ipswich Wharf Developments Ltd achieve our ambitions and objectives in redeveloping this landmark property.”