National law firm Shoosmiths has advised Kingdom Housing Association Limited on the purchase of a development site from Fife Council that will be used to supply much needed affordable homes to the area.
The site on Fraser Avenue in Inverkeithing will see an estimated 189 affordable homes built in a four phased project due to complete by 2022. The first phase of 53 houses is to commence later this month at a total cost of £8m, £4.3m of which part funded by the Scottish government.
Kingdom Housing was selected by the council as the regeneration delivery partner for the area in March 2015. Phased demolition of the former flats is underway with many of the tenants moving into the new homes when completed.
Shoosmiths' real estate partner Janette Speed and senior associate Laura Bloxham advised Kingdom on all legal aspects of the first-phase purchase including negotiation of the purchase contract, Section 75 Agreement and complex site assembly.
Bill Banks, Kingdom's chief executive, commented: 'Regeneration projects of this type and complexity require a high level of collaboration between all parties involved. It is fantastic to receive such support from the Scottish Government and Fife Council in getting this development underway.
'Shoosmiths' has once again provided an excellent service and effective legal advice that 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 which will provide much need homes for many local families. The project demonstrates Kingdom's commitment to regeneration and supporting local communities.'
The firm has continued to invest and expand its real estate offering in Edinburgh. Their local knowledge and sector expertise make them a go to choice for real estate advice in the region.
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.