Hugh James completes transaction for Barry Waterfront
Hugh James has
acquired the major Barry Waterfront development on behalf of a
Consortium of developers comprising Barratt Homes, Taylor
Wimpey, and Persimmon.
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Hugh James – Wales’ leading
independent law firm – secured the 41 hectare site for the
Consortium in a £53 million property transaction.
Peter Hurn, a partner in
the Commercial Property Team at Hugh James said:
“This transaction is a
milestone for Hugh James as it is the largest commercial property
deal which we have been involved in. The successful completion of
this large and complex transaction is testament to the quality of
the commercial property team at Hugh James.
“This is a really
exciting development which Hugh James is delighted to have been
involved in. The size of the transaction is a clear sign that
strong demand exists for high-quality property in the south Wales
market.”
Speaking on behalf of the
consortium, Richard Keogh said:
“The land acquisition is
clearly a major statement of intent by the Barry Waterfront
Consortium to make these regeneration proposals a reality. It is
clear from the reaction we have had to our proposals that the local
community is very much behind us and we now have everything in
place to get the project underway bar the planning permission.
“I would like to thank
Hugh James for its support in overseeing such an important
transaction that will bring huge benefits to the area. This is a
major investment in the regeneration of Barry, and the development
will have a real positive impact in creating jobs in both Barry and
the wider south east Wales region.”
The transaction is
structured in such a way so as to ensure that the Consortium
achieve a range of quality standards for the site, including Eco
Homes Excellent rating for all new homes, BREEAM (BRE Environmental
Assessment Method) Excellent rating for all commercial
units and carbon neutral status by 2011.
The prominent development
scheme to be put in place by the Consortium will see the continued
regeneration of the Barry Waterfront area with a café quarter,
significant waterside open space and park areas, bars and
restaurants, a purpose-built community facility, primary school,
supermarket and approximately 2,000 new homes comprising a mix of
private and affordable housing. The proposals also create a new
link road with pedestrian, cycle and vehicular access between Barry
town centre and Barry Island. The full scheme is
projected to have a capital value of around £250 million.