Trowers advises Whiteheads Development Company on loan facility relating to £85m mixed tenure development
International law firm Trowers & Hamlins has recently advised Whiteheads Development Company Limited in relation to a loan facility provided by the Welsh Government to be utilised in connection with one of Wales' largest regeneration schemes on the former Whiteheads steelworks, a brownfield site in Newport.
The entire development will consist of 528 properties, with a mix of open market and affordable homes, as well as a new neighbourhood centre and a Primary school. Construction works commenced in May 2021 and completion of the development is expected in March 2025.
Trowers advised Whiteheads Development Company on all finance aspects of the transaction, including reviewing and negotiating the loan documents and a number of legal issues ancillary to the deal. We also coordinated negotiations between the partners to the development, including the Welsh Government, Lovells Partnership and a host of advisors.
The team was led by Eddie O'Hanrahan with support from Lara Marsden, Aishah Mansur-Noibi and Jack Mitchell.
Eddie O'Hanrahan commented:
"We are delighted to have supported Whiteheads Development Company on this ground-breaking deal paving the way for such large scale regeneration of this sizable brownfield site. The project will have a huge impact on the community, not only in terms of new high-quality and affordable homes but also the provision of education, apprenticeships and leisure facilities. It will also create hundreds of jobs for people in the area, providing a boost for the local economy. This is real place-making in practice and we're thrilled to have been involved."