International law firm Trowers & Hamlins has advised on the corporate reorganisation of North Place Properties Limited, on behalf of BBS Capital, to enable the redevelopment of the car park on the edge of Cheltenham town centre.
The corporate reorganisation comprised the introduction of new investor and partner Wavensmere Homes as part of a wider plan to develop 13,400 square metres of land (originally used as a car park) into circa 150 new sustainable homes in the heart of Cheltenham's town centre. The development is expected to comprise of a blend of apartments and townhouses which will create investment, employment and sustainable housing on what was previously a brownfield site. A planning application is expected to be submitted in autumn 2023.
Trowers' Banking and Finance team had previously advised North Place Properties Limited in respect of its original investment loan facility. Trowers' Corporate team successfully managed the wider corporate reorganisation whilst the firm's Banking and Finance team negotiated the finance and security documentation required to secure lender consent together with the introduction of new debt, and repayment and release of existing debt in the company structure. Trowers' Real Estate team advised on the land ownership structure to facilitate the proposed mixed-tenure residential development.
Eddie O'Hanrahan, Banking and Finance Partner at Trowers, commented:
"We were delighted to work on this important deal for North Place Properties. The complexities of the corporate reorganisation and the successful conclusion of the deal further evidence the excellent cross-practice cooperation Trowers brings to the table for its clients and our ability to help our clients realise their most ambitious plans and intentions."
