Forsters acts for Menta Regeneration in relation to a £250 million regeneration project adjacent to East Croydon Station
Forsters is delighted to have acted for Menta Regeneration in relation to the forward funding of two 25 storey towers comprising 338 flats and ancillary commercial space, funded by Menta and Mitsubishi Estate London, alongside the funding of 118 affordable housing units to be owned and managed by housing association Clarion.
Forsters has been involved in the entire lifecycle of this £250 million project commencing with site assembly, the delivery and funding of the Phase I £150 million 300 homes (now delivered), followed by the Phase II £250 million development including the negotiation of the complex funding agreements and section 106 agreements with the London Borough of Croydon and the letting of the building contracts for the Phase II scheme to Sir Robert McAlpine Limited.
This is a major regeneration that will transform East Croydon and has turned an underdeveloped site into a cutting-edge, sustainable and innovative development that will integrate with and regenerate Croydon and the surrounding area.
Craig Marks, CEO Menta commented: “Forsters once again excelled themselves not only pulling together a corporate acquisition to enable Menta to further invest in Croydon’s regeneration, but also to manage multifaceted legal negotiations with blue chip delivery partners culminating in a start on site in September 2020 notwithstanding the constraints imposed over COVID. A great show of confidence in difficult times.“
Helen Streeton, Partner at Forsters, said: “We are delighted to have worked alongside Menta, a long-standing client, on this very exciting regeneration scheme in Croydon which will provide much needed housing in what remains a robust market despite the impact of Covid-19."
Matthew Evans, Counsel at Forsters comments: “This has been a fantastic scheme to be involved with, and a hugely significant one in terms of housing delivery with over 450 new homes coming forward. The planning angle was particularly challenging, balancing the need to give the Council comfort that the necessary infrastructure and cross site linkages will be delivered, without compromising the deliverability of the project. I am very much looking forward to paying a visit when it is delivered!”
Advice on the scheme was led by Commercial Real Estate Partner Helen Streeton and she was supported by Senior Associates Edward Glass and Lorna Dolan as well as Associate Emma Francombe. Construction advice was led by Partner and Head of Construction Sarah Cook, and she was supported by Associate Charlotte Mashhoudy. Planning advice was led by Counsel Matthew Evans and supported by Senior Chartered Legal Executive Lauren Archer and Associate Sophie Smith. Tax advice was provided by Partner Elizabeth Small. BCLP acted for Mitsubishi Estates London.
20 October 2020
Forsters has advised longstanding client The Mercers’ Company on the £12million redevelopment and letting of part of its historic estate at Frederick’s Place in the City of London Guildhall Conservation Area.