TLT completes £23m modular housing deal for Stonewater
TLT has advised social housing provider Stonewater on a multi-million pound deal with modular housing firm ilke Homes to deliver 120 new affordable homes in Herefordshire.
The partnership, worth £23m, will see ilke Homes provide Stonewater with land for the development, as well as manufacturing the homes in its factory in Knaresborough.
This is the first modular project that Stonewater has embarked on. TLT negotiated the land purchase and the development agreement for Stonewater, including bespoke contract clauses, against a short deadline. The team was led by legal director Sarah Hale alongside associate Andrew Russell.
Matthew Crucefix, director of development (West) at Stonewater, said: “Scaling-up the delivery of affordable homes is vital to ensuring that everyone in the UK has a place to call home.
“As a valued member of our legal services framework it’s really good for us to be able to share exciting new opportunities with firms like TLT.”
Sarah Hale, legal director at TLT, says: “Modular construction has a critical role to play in addressing the housing crisis in the UK and meeting housebuilding targets, particularly because of the speed at which large numbers of attractive and eco-friendly homes can be delivered cost-effectively.
“It was a privilege to be involved in such a landmark scheme for Stonewater, and I hope we can continue to support social landlords with affordable modular housing in the coming year.”