McGrigors lays foundations for Sheffield regeneration project

McGrigors has advised a pair of housing companies on a joint venture with Sheffield County Council that will see 2,500 homes built across 19 sites.

Manchester infrastructure partner Nick Ogden led a team that acted for Keepmoat and Great Places on the scheme, which is worth around £400m.

DLA Piper partner Roger Gough advised the local authority.

Under the terms of the 20-year asset-backed ­vehicle project the council has invested land, with Keepmoat and Great Places investing cash of an equivalent value to the land. Homes will be built for sale, shared ownership or rental, and will be situated in areas that require regeneration.

Earlier this year Ogden advised on a similar project, acting for a consortium made up of Barratt Developments subsidiary David Wilson Homes as well as Keepmoat and Yuill Homes on a tie-up with Newcastle City Council. On that deal Pinsent Masons partner Scot Morrison represented the council.

Ogden said he expected more of these sorts of deals in future as local authorities look at ways of capitalising on property assets as a way of funding regeneration work.

“We saw a fair bit of ­hesitation last year as local authorities awaited the ­outcome of the public spending review, and that carried over into this year pending the results of local elections,” he said. “These projects need to proceed regardless of the economic environment, so we’re ­seeing real innovation as people consider new funding models such as these land asset-backed vehicles or tax-increment finance.

“Our Manchester office is becoming a real hub for housing and regeneration deals throughout the North.”