2 Dec 2008
Eversheds advises Croydon Council on £450M regeneration deal
International law firm Eversheds has advised the London Borough of Croydon on its partnership with John Laing to create a £450m local asset backed vehicle to regenerate significant sites across Croydon town centre and to re-provide the Council’s headquarters. Croydon Council is the first local authority to utilise this model of an asset backed public private urban regeneration partnership.
The project culminates in the establishment of a 25 year partnership owned 50/50 by the Council and John Laing.
The CCURV LLP partnership will initially provide the phased regeneration of four town centre sites including the creation of two 40-storey towers with around 650 residential units, a combination of both private and affordable accommodation, almost 20,000 sq ft of retail space and the development of a 240,000 sq ft office headquarters for the Council. In delivering the Council’s aspirations through this innovative partnership, the Council will also share in the profits generated whilst maintaining on going control through the structure.
In addition to the four initial town centre sites which the Council has made available to CCURV LLP, the partnership is expected to acquire further sites for redevelopment over the lifetime of the vehicle.
Eversheds’ cross-office team of specialists in this area was led by Company Commercial partner, Kuljeet Hothi on the overall structure of the partnership. The team also advised on tax, state aid, local government considerations (including vires) and banking and was delivered with key support from procurement partner, Ruth Connorton and real estate associate, Dave Newstone.
“The commitment of the Council and John Laing to deliver an agreed development and regeneration strategy in an unsteady economic climate with commitments on both sides in terms of land value is testament to the partnering approach which sets a great starting point for a long term partnership between both sectors.”
Anthony Middleton, Director of Regeneration and Infrastructure commented:
“As part of Croydon Council's regeneration aspirations and with the commitment of the Council’s partner, John Laing, CCURV LLP will deliver sustainable facilities to benefit the entire community, supporting its ambitions to become London's third city. Eversheds’ expertise in developing this partnership has been invaluable in delivering a framework to secure our aspirations through CCURV LLP”.
King Sturge Financial Services also advised the Council, led by Chris Pratt, managing director. Knight Frank, Indigo, Grant Thornton and Denton Wilde Sapte advised John Laing.
Eversheds LLP and its world wide offices have over 4,000 people who provide services to the private and public sector business and finance community. Access to all these services is provided through 53 international offices in 30 jurisdictions. Eversheds combines local market knowledge and access with the specialisms, resources and international capability of one of the world's largest law firms.