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Trowers & Hamlins provides funding and tax advice to Tirion Group on one of Wales’s largest urban r

Trowers & Hamlins provides funding and tax advice to Tirion Group on one of Wales's largest urban regeneration projects

Trowers & Hamlins has provided funding and tax advice to Tirion Group for the not-for-profit organisation's 'Ely Mill' project, the development of the former Arjo Wiggins Paper Mill site in Cardiff.  The £100 million project is intended to help address the shortage of affordable housing in the area and is one of Wales's largest urban regeneration projects.

This 53.6-acre brownfield site will be transformed into a community of approximately 800 homes comprising residential units with a wide choice of tenures, including a high proportion of accessible accommodation for working people in Cardiff.  The creation of new infrastructure around the site is already underway, and construction of the new homes is due to commence in autumn 2016. 

Trowers & Hamlins' Banking and Finance team advised on the project, negotiating the finance packages from the Welsh Government and Principality Building Society as well as all associated security documents.  In addition, the team provided a transaction management role to help address the many moving parts and changing demands of this complex project. 

Eddie O'Hanrahan, Banking and Finance senior associate who led on the funding advice, commented: "'Ely Mill' is a flagship development which will provide a catalyst for economic regeneration in the area, as the site is transformed from wasteland into an active community.  Long-term private sector investment in the development will be protected through the appointment of an established registered social landlord to manage and maintain the environment.  We understand the aim is for the model to be adapted and applied throughout Wales." 

Partner Ian Graham was the overall lead on the project. The firm's Housing and Regeneration team provided further advice, with partner Sharron Webster advising on charitable issues.