TLT has advised Network Homes Limited on the acquisition of a large mixed-use scheme which comprises 100 residential units and over 1700 square metres of commercial space.
All of the residential units will be affordable housing for rent or shared ownership.
Network Homes, an affordable housing provider for London, Hertfordshire and the South East, has acquired the large development at Burnt Oak Broadway, near Edgware, from Edgware Iron Works Limited. The scheme, which is on the site of a former supermarket, includes new commercial space to support new jobs and local businesses.
TLT advised Network Homes on all aspects of the acquisition, providing expertise from the firm’s real estate, tax, construction, planning and corporate teams.
The TLT team was led by partner Shazia Bashir, with support from partner Mark Braude, legal director Fergus Charlton, and associates Andrew Russell, Jaspreet Dhillon and Luke Thorngate-Davies.
Shazia Bashir, partner at TLT, says: “This was an exciting transaction which presented many challenges and required expertise from a range of specialists across the various teams at TLT.
“We’re delighted to support Network Homes with this acquisition which demonstrates their ongoing commitment to affordable housing. It’s encouraging to see a continued investor appetite for schemes of this nature in the current climate, when demand for affordable housing is likely to increase. ”
David Gooch, Executive Director for Development at Network Homes, says: “This is a fantastic development which will transform a derelict site into much needed affordable homes both for rent and for shared ownership, offering people their first step on the housing ladder. The new commercial units will also create employment opportunities and support economic growth as we recover from the pandemic.
“We are grateful to TLT for their diligent approach and patience, and for their help overcoming a significant range of complex issues throughout the transaction. The team’s ability to convey these complexities and offer meaningful solutions in a simple way made everything much more manageable for the Network Homes team.”