Law firm Shoosmiths has advised NatWest Scotland on their investment to support a large residential housing project in Portobello, Edinburgh, led by developers, Kerwick Ltd.
The existing office block at 275 Portobello High Street is under full construction to accommodate 22 apartments and four penthouses. This high spec development is expected to appeal to second home investors, those looking to downsize, professional couples and landlords given its prominent position in the coastal town of Portobello.
This is the first project for Kerwick, which is led by director Steven Teague alongside the support of his father and sister. They are part of the wider Teague family, which has an established track record of developing residential housing in Scotland.
The flats will be completed by the end of December 2016 and will be marketed from £140,000 - £360,000.
Steven Teague, Director of Kerwick Ltd, explains: 'We are really excited about getting our first development under the Kerwick brand in progress. So far we are attracting positive attention and we are confident now the work is underway we will generate more interest. The development will see the conversion of a former office building which will be stripped back to its shell to form high specification, contemporary apartments within a single, four storey block.
'We are confident the finished look and feel will blend into the local area and appeal to those looking for secure, high spec and well-designed apartments that are nestled in the heart of Portobello's vibrant café culture community. Given its close proximity to Edinburgh, this makes commuting an easy option which is an attractive proposition.'
Alasdair Seftor, relationship director at NatWest, said: 'We are very pleased with the legal advice received from Shoosmiths and are delighted to support a local company and a family run business that has a proven track record of developing attractive housing in Scotland. We wish Steven and the team well as they bring this contemporary development to completion over the course of 2016.'
Sheelagh Cooley, senior associate at Shoosmiths LLP, added: 'It was a pleasure to advise NatWest and be involved with helping Kerwick establish themselves in the local market with this exciting new development.'
Shoosmiths' real estate group is one of the largest in the UK, made up of teams advising on real estate, construction, planning, property litigation, and environmental issues.
Shoosmiths' clients include commercial and residential developers, investors, retail and leisure operators, social housing bodies, major corporate occupiers, banks and other funders and a range of public sector bodies.