Law firm Winckworth Sherwood has advised residential developer L&Q on its joint venture with Development Securities to create a new £70m Residential Quarter at 399 Edgware Road in North West London.
The joint venture scheme, announced on 22 December, will create 183 contemporary apartments and townhouses for private sale set around landscaped gardens and new public realm.
The joint L&Q Development Securities scheme is situated within an area that is undergoing significant development and change. The wider development will include a vibrant mix of uses with a brand new Morrisons supermarket, new cafes, shops and restaurants and a two-form entry primary school with nursery provision.
Winckworth Sherwood, led by partner Charlie Proddow, advised L&Q on the structure of the transaction, including complex leasehold ownership arrangements and tax mitigation. The firm also negotiated a development management agreement documenting Development Securities’ role in procuring construction of the dwellings and facilitating their sales, as well as providing for profit sharing arrangements.
Charlie Proddow Partner, Winckworth Sherwood said:
“We are delighted to have been able to play a part that will see this vibrant part of London realise a high quality and desirable residential scheme. At Winckworth Sherwood, we have a strong track record on structuring joint ventures to bring forward residential development.”