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The site includes open space, wetland and some self-build plots, enabling individuals to build their own home while benefiting from the amenities on the adjoining estate. The scheme plans to deliver 80 affordable homes for shared ownership and social rent.
TLT brought together experts in real estate, banking, construction and planning to complete the deal in a matter of weeks. The team advised TCH on the innovative structure of the deal, the land acquisition and a modular build, and negotiated the build contract and planning agreement.
Partner and modular specialist Sarah Hale led the deal, alongside solicitor Beth Kingsley Ross, legal director Fergus Charlton, partner Jahanara Hussain and associate Tom Marshall.
Colin Lissenden, development director at Town & Country Housing, says: “This acquisition is another step towards us achieving our growth plans. Modular will play an important role in that, because it means we can deliver much-needed affordable housing in a way that’s sustainable and aligns with our values.
“We’re pleased to be working with Legal & General again, and grateful to TLT for their expert advice and innovative solutions to support this deal. It’s important we work with people who understand the market, and TLT are real specialists in both affordable housing and modular.”
Sarah Hale, partner at TLT, says: “We were delighted to advise Town & Country Housing on yet another modular acquisition from Legal & General.
“We’re seeing an increase in modular schemes across the board in the affordable sector. It’s great to see that clients are embracing this new, more sustainable form of construction. There’s an urgent need to reduce the carbon impact of our buildings, and modular offers a greatly reduced carbon footprint across the lifetime of a building, as well as reduced energy bills for residents.”
03 March 2022