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Trowers & Hamlins advises development partners on Silvertown Way project

Trowers & Hamlins advises development partners on Silvertown Way project

Trowers & Hamlins is pleased to have advised Opal (Silvertown) LLP ("Opal"), a joint venture between Galliford Try Homes Limited and Thames Valley Housing Association, and Galliford Try Partnerships Limited ("Partnerships") in relation to the £360 million residential-led development project at Silvertown Way, Canning Town, in East London.  Contracts for the development were exchanged in June 2015.

Partnerships, together with Linden Limited ("Linden"), was selected as the preferred bidder by the Greater London Authority (GLA) in September 2014 to construct the development, which is a strategically important site for the GLA and one which is key in delivering the Mayor's covenant.  Partnerships and Linden will work alongside Opal to deliver new homes on the 2.1 hectare site. 

The proposed development is expected to create over 1,100 mixed-tenure homes, including homes for sale, rent and shared ownership, as well as a hotel, a restaurant, and employment and commercial space.  The proposed development will include a large number of private rented sector (PRS) units which will be forward purchased by property company Fizzy Living.  In addition, the development will provide a large element of affordable housing. 

Sara Bailey, head of residential development at Trowers & Hamlins, commented:  "We are delighted to have concluded this deal for Partnerships and Opal.  This is a significant development incorporating a number of different elements, including PRS, affordable housing, and commercial space, and the partners involved are each very well positioned to bring their respective expertise to this project.  Once built, the Silvertown Way development will see much needed housing delivered in East London."

Trowers & Hamlins led the project and acted on all areas, providing advice in relation to the corporate set up, project and property aspects, funding and construction.  The deal involved a complex structure with contractual arrangements between Partnerships, Opal and the GLA, as well as between Fizzy Living and the affordable housing provider, London & Quadrant (L&Q).

Sara Bailey and real estate partner Rebecca Wardle led the team at Trowers & Hamlins, with assistance from Joseph Acton and Jack Friar on real estate, Rachel Collins on the projects side, Stuart Wilson on construction, Ian Dobinson on the corporate side, and Eddie O'Hanrahan on funding.