Cripps acts for national house builders in major urban extension
Law firm Cripps has successfully completed on a deal for land valued in excess of £100 million for a consortium of leading house builders ahead of a major development in Hertfordshire.
The recent three-month culmination of a long running project, involving a team from a range of disciplines at Cripps, enables the consortium consisting of Bovis Homes, Persimmon Homes, Kier Living, Taylor Wimpey and the Fairfield Partnership to start work on a new mixed-use development at Bishops Stortford North.
Planning permission is already in place for 2,200 homes on the 320-acre site. The sustainable community will also include two new primary schools, shops and business space, health facilities, community buildings and public open space.
“This was a complex and high-value transaction, completely restructured over the last 3 months, and completed to a very tight timetable” said Cripps partner Garry Brett, who led the team. “The instruction to act for a specially formed consortium vehicle representing such high-profile house builders, cements our outstanding reputation for complex development work, both regionally and nationally, and we were delighted to play a pivotal role in such an exciting urban development”.
“Our team performed to the satisfaction of a leading group of plc house builders, demonstrating that however demanding a project may be, Cripps has the skills, experience, and expertise necessary to complete the work successfully.”
Members of the Consortium said “Well done on all the late nights and sheer determination to get this to exchange. Congratulations to all, and very many thanks to Garry and the rest of the Cripps team”.