17 September 2015

Forsters advise on Grafton Quarter Joint Venture

Forsters' Commercial Real Estate and Corporate teams have advised a fund managed by Savills Investment Management (Savills IM) in relation to its joint venture with developer Urbanwise for the redevelopment of a 43,000 sq ft site in West Croydon.

A former industrial site in Grafton Street has been acquired for the proposed Grafton Quarter mixed-use residential-led redevelopment scheme, which comprises 97 homes alongside a creative hub of 78 artist/start-up studios.

The gross development value of the site is £39.5 million. The redevelopment will be carried out on behalf of Savills IM’s Prime London Residential Property Fund II (PLRDF II). Launched in September 2014, PLRDF II will capitalise on the fundamental shortage of housing stock in the capital by targeting mid-market residential developments in select locations where the supply / demand imbalance is most acute.

Julian Symons, director of development at Savills IM, said: “This project meets the investment criteria for PLRDF II in terms of geography, price point, returns and lot size. The need for additional quality affordable housing in London is far stronger than in any other part of the country."

Corporate partner Craig Thompson was assisted by Simon Osborne in providing advice on the corporate set-up of the joint venture.  Commercial Real Estate partner, Glenn Dunn, assisted by Ed Tennant, advised on the development management agreement appointing Urbanwise as development manager for the project.

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