Winckworth Sherwood advises on tripartite arrangement for a residential development
Winckworth Sherwood is advising Hanover Housing Association on a unusual tripartite structure for the residential development in the London Borough of Hackney.
The scheme brings together Hanover Housing Association, Agudas Israel Housing Association and Hill Partnerships to develop 107 new homes to include an exemplar extra care scheme on the site of Buccleuch House, Clapton Common in North East London.
Planning permission for the scheme was given just before the New Year, with the tripartite development agreement signed in December 2012. The scheme is unusual in that it is divided into three distinct parts, wrapped in a contemporary design from architects Levitt Bernstein.
Winckworth Sherwood advised Hanover on the procurement process to select the development partners and on the sale, lease and development documentation. Planning advice was also provided.
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This decision represents a welcome return to the ‘pay for what you use’ principle and strikes a fairer balance between different creditor and expense groups.
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.