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Trowers & Hamlins advises Breckland Council on innovative property joint venture

Trowers & Hamlins advises Breckland Council on innovative property joint venture

Trowers & Hamlins is delighted to have acted as lead advisers to Breckland Council on a new form of property joint venture, Breckland Bridge Limited with the Land Group London LLP.

This will lead the much-needed revitalisation of Thetford town centre by developing a new cinema, hotel, restaurant and retail units and improved public realm on the Riverside site.  The initial phase of the local authority asset backed vehicle's (LABV) development pipeline also includes the development of new residential sites in Attleborough and Mileham.  Future phases have the potential to develop up to 142 other commercial and residential sites across Breckland.  The partnership will assist the Council in meeting its future development, infrastructure and housing needs in the area. 

Trowers & Hamlins advised Breckland District Council on all the stages prior to and during the procurement of the private sector investment partner the Land Group LLP. Specifically, the firm advised on all aspects of local government and public procurement law, as well as corporate structures, funding documents and drafting and negotiating documentation with bidders and their lawyers.  The firm worked closely with the Council's project team to ensure elected members were fully briefed throughout.

Helen Randall, Public Sector Commercial partner who led on the deal, commented:  "This project is particularly innovative because the joint venture has been uniquely structured as an evolved and more sophisticated variant from the standard local authority asset backed vehicle to give the Council more flexibility, greater certainty of delivery and the ability to apply a funding model which provides better value for money than traditional LABVs.  This structure is particularly suitable for areas with lower property values and is more scalable to smaller and rural districts than a traditional LABV model."

Land Group, a specialist property investment and development company based in London and Suffolk, is also delighted by the completion of the new joint venture.  "The innovative structure that we have developed with the Council allows us to proactively deal with some smaller, lower-value rural sites, whilst still retaining the ability to deliver the larger, more complex urban schemes.  We are looking forward to working with the Council in delivering these over the coming years," said David Winch, Development Director at Land Group. 

In addition to Helen Randall, the Trowers & Hamlins team advising Breckland Council included partner Lucy Doran, partner Ian Dobinson, partner Paul McDermott and senior associate Patrick Morris.

In the photo from left to right are:

  • David Winch from Land Group
  • Helen Randall, Partner, Trowers & Hamlins
  • Andrew Doyle from Land Group
  • Margaret Baliey, Senior Accountant, Breckland Council
  • Cllr Lynda Turner, Deputy Leader of Breckland Council
  • Cllr Michael Wassell, Leader of Breckland Council
  • Nigel Robson, Director from Land Group
  • Julie Kennealy, Executive Director, Breckland Council
  • Ralph Burton, Strategic Property Manager, Breckland Council
  • Cllr Ellen Jolly from Breckland Council
  • Mike Horn, Solicitor for the Council, Breckland Council
  • Lucy Doran, Partner, Trowers & Hamlins