International law firm Trowers & Hamlins is advising Housebuilder Hill on their joint venture with Peabody for two East London projects, with a combined value of over £350m.
Peabody has put its Fish Island Village site into the scheme and Hill have contributed their Lea Bridge Road development in Leyton together bringing nearly 900 new homes.The firm advised Hill on the initial site acquisition and funding and subsequent joint venture with Peabody. The project also involved two separate affordable housing transactions and tax structuring by Trowers.
Fish Island Village will include 434 flats for open market sale, 146 affordable homes and 57,000 square feet of commercial space, , 48,000 square feet of which will be operated by social enterprise, The Trampery.
The Lea Bridge Road site, designed by Pollard Thomas Edwards Architects, will have 300 homes, including at least 62 affordable properties.
Trowers & Hamlins Partner Amy Shaw, who lead on the deal said:
"We are passionate about having a tangible and positive impact upon the real estate market and it is great to be working with two longstanding clients on a joint venture that brings about much needed regeneration and new homes in London."
Andy Hill, chief executive of Hill, said:
‘This strategic joint venture with Peabody is a significant milestone for Hill. Our London presence has grown steadily over the last 15 years, but these two new projects cement us a key player in city centre regeneration. Working with Peabody has been an ambition of ours for many years and I’m delighted that these iconic schemes will be the first, of hopefully many, major projects to come.’
Stephen Howlett, chief executive of Peabody, added:
‘Peabody and Hill share a common approach and long-standing commitment to providing distinctive, high-quality new homes across a range of tenures.
‘We are pleased to finalise this partnership agreement, which is Peabody’s first large development through a joint venture arrangement, and look forward to working with Hill to create much needed new homes, jobs and business opportunities in East London.
‘Peabody’s new development programme constitutes almost £2bn of investment in new housing, and we continue to look for opportunities that will help us to do more to tackle the capital’s growing housing crisis.’
The first homes should complete at Fish Island in early 2018 and at Lea Bridge Road in 2019.
