National law firm Shoosmiths has advised Kingdom Housing Association on a £3.6 million housing development in Devilla, Kincardine, Fife that will provide 27 affordable houses in the area.
Kingdom Initiatives, the wholly owned subsidiary of Kingdom Housing Association, will provide 25 of the new houses, funding having been obtained from the Scottish Government. Kingdom Housing Association will also provide a further two cottages on site. Nine of the houses will be for mid-market rent (MMR) and 16 will be for sale to local priority applicants with prices starting at £105,000.
The site is located on the site of former high-rise flats in the area and completion of the final phase of redevelopment is due by the end of 2017. Since 2010, 71 social rented and 13 mid-market rent homes have been built by Kingdom on the site.
The Shoosmiths team was led by real estate partner and head of social housing in Edinburgh, Janette Speed, alongside senior associate Laura Bloxham. The team advised on all legal aspects relating to the site acquisition including acquisition contracts and conveyancing, planning agreements and Estate set-up including a deed of conditions. Our dedicated specialist plot sales team will be providing legal assistance on the subsequent house sales on the site.
Bill Banks, Kingdom's chief executive, commented: 'This innovative scheme, partially funded from the Scottish Government's Partnership Support for Regeneration Fund, will provide local families with the opportunity to purchase their own new build homes, at more affordable prices, within their local community. Shoosmiths' excellent service and effective legal advice has ensured the process has been efficient and we look forward to working with them on the next phase of the redevelopment.'
Janette Speed, added: 'We are very pleased to have advised Kingdom on this project and look forward to continue to work with them in relation to the sale of the houses. The project demonstrates Kingdom's commitment to regeneration and supporting local communities.'
Shoosmiths' national real estate team services a wide variety of clients across the UK on real estate, construction, planning, property litigation and environmental issues. Clients range from commercial and residential developers to investors, retail and leisure operators and public sector bodies including Bellway, St Modwen Properties PLC, Allied London, Marstons, Northwood and Galliford Try.