Top 40 law firm Trowers & Hamlins has advised Bath and North East Somerset Council on the comprehensive redevelopment of Bath Quays North, pursuant to a Development Agreement entered into with Legal & General.
Trowers advised the Council from the inception of the project which addresses the city's need for an office led scheme. Initially they advised on the options available to the Council, including in relation to a "non-procured" option, and in relation to a corporate or contractual joint venture with a master developer.
The firm also advised on and aided the design of a competitive dialogue process, used by the Council to appoint Legal & General as its master developer partner, including in relation to the evaluation methodology for variant bids and advice on State Aid in the context of local infrastructure provision.
The Council appointed Legal & General as preferred bidder in February 2019 and the Development Agreement was exchanged earlier this month. Negotiation of the Agreement was complex and included discussions around grant funding, appropriation and third party rights, financial payments and provided for an option for the Council to retain part of the development.
The 6-hectare mixed-use development site sits in the historic centre of Bath on the banks of the River Avon. The scheme will be delivered across two phases, is office led and also will include retail, F&B, private residential and affordable, hotel uses and a basement car park to be retained by the Council.
Patrick Morris, Trowers & Hamlins partner who led on the project said:
"This was a high-value, complex transaction that responds to Bath's need for an office, rather than residential, led scheme, that provides the Council with the required business rates, and therefore will positively impact the area. That we were able to support from inception and throughout development options, procurement and state advice up to the development agreement demonstrates the breadth of Trowers' capabilities on these kinds of projects."
