Wragge & Co advises on Queensberry Real Estate's first development agreement
Wragge & Co's Shopping Centres team has advised newly formed developer Queensberry Real Estate LLP on its first development agreement. The agreement with Newport Council is for a proposed £110 million, 390,000 sq ft retail development at John Frost Square in Newport city centre.
Queensberry now plans to secure an anchor for the development and progress leasing contracts, before submitting a planning application later this year. It is looking to negotiate with funders early next year, aiming to start work onsite during 2013.
Head of international real estate Sally Pinkerton led the team with support from partners Peter Thorne, Toby Askin and Stephen Sellers and associate Kerry Burns. Wragge & Co worked closely with Queensberry partners Paul Sargent, Stuart Harris and Jon Munce.
Sally Pinkerton said: "As one of the first new shopping centre schemes to be seen emerging from the recession, this new development agreement is a positive sign in the market. Our full-service shopping centres expertise allowed us to negotiate this complex agreement in a very short timeframe, putting the project ahead of schedule. We will now work closely with the client on letting the development and devising innovative funding solutions for the project."
Paul Sargent added: "Wragge & Co has worked closely with us to gain a solid understanding of our business, forging a strong relationship with our team. Delivering excellent client service, the firm ensured that the agreement was delivered on time and in line with our commercial objectives."
Newport Council chose Queensberry as the preferred bidder for the development in May. Queensberry is a London-based property development company set up by the former UK management team of Multi Development. Newport Council was advised by Geldards, where the team was led by partner Susanne Bradley.
Wragge & Co's dedicated, full-service Shopping Centres team comprises investment, development, tax, finance, construction, lettings, asset management and retail experts. As well as developing and letting shopping centres, the team also manages nine centres, including the prestigious Royal Exchange in the City of London.
The team advised on the development, funding, construction and letting of the 500,000 sq ft Trinity Walk shopping centre in Wakefield. This was developed by the partnership formed by AREA Property Partners and Sovereign Land.
For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Biddle on +44 (0)121 685 2708 or Amy Richards on +44 (0)121 260 9973
This press release may contain information of general interest about current legal issues, but does not give legal advice.