Winckworth Sherwood advise L&Q on £150m Wandsworth Town Centre regeneration
Mon 18 Apr 2016
Law firm Winckworth Sherwood has advised L&Q on the purchase of a key development site at the heart of Wandsworth Town Centre.
L&Q has purchased Garratt Place from Wandsworth Council and South Thames College and will create a community that will include 200 new homes, an improved public library, new shops and improved teaching facilities at South Thames College. The scheme has a combined development value of £150million.
The Winckworth Sherwood team has advised L&Q on the structure of the acquisition, and its tax implications. The firm’s residential development team will also advise on the sale of the new homes.
L&Q is a leading residential developer in London and the South East and the largest landlord in Greater London, owning and managing more than 72,000 homes. It is currently in merger talks with The Hyde Group and East Thames, with a view of creating the UK’s fourth largest house builder.
The Winckworth Sherwood team was led by Real Estate partner Charlie Proddow, supported by senior associate Charlotte Coleman. Partner and head of Residential Development Ruth Barnes will lead on the sale of the new homes.
Charlie Proddow said: “This is a keystone project for L&Q and for Wandsworth, and will breathe new life into this important town centre space. We are delighted to have been able to play our part in successfully concluding negotiations for what proved to be a complex transaction.”
Winckworth Sherwood is behind some of the largest regeneration and housing schemes in London, including Nine Elms, Battersea Power Station, Wembley Park, Imperial Wharf, and the Olympic Village. In 2015 the firm was responsible for the sale of over 4,000 homes with a combined value exceeding £1bn.
Jerome Geoghegan, Group Director of Development and Sales at L&Q said: “We are delighted to be playing our part in driving forward one of the largest urban renewal projects in London. Once completed, this landmark development site in Wandsworth will provide an exciting mixed used development offering high quality homes for people across a range of incomes.
“This development supports L&Q’s ambitious plans to develop a pipeline of a further 50,000 new homes within a decade to deliver communities that make the capital an even better place to live.”
Pinsent Masons acted for Wandsworth Council and Eversheds acted for South Thames College.