International law firm Trowers & Hamlins has advised longstanding client, Apache Capital, on the sale of a development plot in Hove to Homes for Brighton & Hove adjacent to the Hove Central BTR scheme that Apache and its investors own.
The owners of the site, Apache Capital and Moda, are selling the three-acre site at the top of Sackville Road which has planning permission for a “care community” of 260 flats up to nine storeys high. It will be developed by Homes for Brighton & Hove, a joint venture between Brighton & Hove City Council and the Hyde Group, established in 2017 with a mandate to build 1,000 homes for low-income households.
The joint venture has already built 242 homes in Coldean at Bluebell Heights in Denman Place and 104 homes in Clarendon Place in Portslade.
The £160 million scheme includes 564 build-to-rent flats on what was originally a nine-acre plot made up of the old Sackville Trading Estate and neighbouring coal yard.
Trowers have advised Apache throughout the complex history of this site, including acquisition, development, financing and sale.
Lizzie Pillinger, Partner in the Real Estate team at Trowers & Hamlins, who led the transaction commented:
"We are proud to have advised Apache Capital on this important transaction, which will further foster the community being created at this site. We commend the vision of Hyde and Brighton in working together to bring more affordable housing to the community. We are delighted to have been able to leverage our experience of the affordable housing sector, along with our commercial approach, to assist Apache in negotiating this sale."
Nick Harrisingh, Apache's Client Partner at Trowers & Hamlins, commented:
"We are pleased to have supported Apache Capital on this significant transaction, which marks another important step in the regeneration of the Sackville Road area. Our longstanding relationship with Apache reflects our deep expertise in complex real estate matters and commitment to supporting our clients through every stage of their development pipelines."
John Dunkerley, Chief Executive Officer at Apache Capital, said:
“Hove Central is a diverse and multi-faceted masterplan which will now deliver high-quality housing across a range of tenures alongside its positive environmental and social impact on the area.
“We prudently adapted our strategy to satisfy market demand, with the new affordable provision set to supply much-needed social housing in the area and bolster the placemaking credentials of the scheme, which is already a hive of activity despite only opening in Spring 2024.
“Leasing activity at the build-to-rent element illustrates the strength of demand for a living proposition underpinned by high-quality sustainable rental housing, professional management and amenity offerings, which is also seen through investor confidence. Institutional capital continues to be drawn to the sector’s strong structural tailwinds and growth outlook, and one in which Apache has one of the largest operational portfolios.”
The Trowers team included Partners Lizzie Pillinger, Nick Harrisingh, Andy Barnard and Rachel Kerr, Senior Associate Emily Putz, and Associates Halah Al-Zamel and Lydia Jones.
