Shoosmiths acted alongside the development team at Bellway plc to acquire a development site at Glenrothes in Fife.
The site included 145 homes as part of a larger 850-home regeneration scheme, which is transforming a former paper mill plant.
The Shoosmiths deal team was led by real estate partner Janette Speed and assisted by principal associate Gillian Ralph.
The mixed-use development includes leisure facilities, business space, industrial units and a new care home together with 85 affordable homes for social rent. The affordable homes are set to benefit from a district heating system - powered by the steam generated by a local biomass plant that recycles timber to generate power.
Shoosmiths acted for the Bellway Scotland East development team in connection with the acquisition of the site. Negotiations were complex due to the nature of the site and the need to co-ordinate several different interested parties.
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Shoosmiths’ planning practice also advised on the planning position and the ongoing appeal in relation to the existing planning agreement; and its tax team advised on the Land and Buildings Transaction Tax (LBTT) implications of the deal structure.
The deal team also provided expertise on various complex provisions relating to the completion of construction works on the part of the seller both pre and post purchase, which included default, step in and escrow provisions.
The title to the site involved finding solutions to ongoing management issues of common parts. Given the previous industrial nature of the site, there were also a number of title conditions that had to be assessed and ultimately discharged.
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This information is for general information purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given. Please contact us for specific advice on your circumstances. © Shoosmiths LLP 2024.