International law firm Trowers & Hamlins has advised the London Borough of Hackney on the purchase and redevelopment of the Tesco site in Morning Lane, Hackney for the development of a mixed use commercial (fashion and convenience food retail) and residential apartment scheme.
The team was led by commercial real estate partner Julien Allen supported by public law partner Helen Randall, assisted by commercial real estate assistant Simon Bryning, tax partner Michael Surry, planning assistant Tim Brown and construction assistant Jennifer Dalby.
Developers Hackney Walk Limited were represented by Nabarro and Berwin Leighton Paisner acted for site owners and new tenants, Tesco Stores Limited.
The new scheme will comprise a residential, food and fashion outlet adjacent to the existing Hackney Walk, London’s first ever luxury retail outlet.
Julien Allen, who led on the deal for LB Hackney, said:
“We’re delighted to have assisted the London Borough of Hackney on what is a major deal for Hackney and the surrounding area. The project is pivotal to the entire regeneration of the borough, in helping to create a sustainable community by incorporating new employment opportunities, shopping facilities, residential homes and hospitality.
This broad mix of regeneration determines the true value of a development, and an exciting and unique project like this will really consolidate Hackney’s position in London’s premier league. This scheme is an extension of the innovative concept at Hackney Walk and we look forward to seeing it progress.”
The firm advised London Borough of Hackney on all aspects of what was a complicated and involved transaction which involved procurement advice, planning risk and overage advice, the development of four phased side-by-side rent-sharing ground leases across the entire development, and drawing up acquisition contracts.
Chris Pritchard, acting head of Strategic Property Services at The London Borough of Hackney said:
“We were very fortunate to have a team as knowledgeable and dedicated as the one we had from Trowers. Their persistance and drive enabled this highly complex acquisition to reach a successful outcome.”