07/07/2020
Bevan Brittan’s market leading District Energy team is delighted to have advised the developer, Brent Cross South Limited Partnership (‘BXS LP’), on the utilities and district energy aspects of their re-development in North West London.
The 47-year term concession agreement between Vattenfall Heat UK and BXS LP recently reached completion.
BXS LP, a joint venture between Barnet Council and Argent Related (a joint venture partnership formed of Argent, a leading UK developer, and Related Companies, a US developer) will be delivering the regeneration of the Brent Cross South site. The overarching project involves the redevelopment of a 50 acre mixed use site, which will result in 6,700 new homes and approximately 280,000 square metres of office, retail and commercial space.
Vattenfall Heat UK was appointed as preferred bidder in May 2019 to deliver the district heating infrastructure to the development using a mix of low carbon plant and which will include the UK’s largest installation of heat pumps.
Bevan Brittan’s core advisory team included Nathan Bradberry (partner), Nadeem Arshad (partner), Olivia Blessington (senior associate) and Maxim Laithwaite (solicitor).
Infrastructure, energy and construction specialist Nathan Bradberry said:
“As one of the largest energy schemes of its kind in the UK, our team is delighted to have advised BXS LP on this project. It represents a significant milestone for the Brent Cross South development and establishes a long-term, adaptable and sustainable energy solution that is becoming a central requirement for such large-scale and multi-phased developments. The finalisation of the agreement in the midst of a worldwide pandemic certainly presented its challenges but was made possible due to the commitment and collaboration between the commercial leads and all advisers on the project.”
Head of Energy and Resources Nadeem Arshad said:
“We have been working with the Argent Related team since 2017. It has been a fantastic project to have advised on, and we are pleased to have worked with Argent Related and Vattenfall on its completion. We are currently advising master developers, ESCOs, funders and local authorities on over 20 district energy projects across the UK and this project demonstrates the strength of our experience in the sector.”
BXS Infrastructure Lead for Argent Related development manager Benoit Dufour said:
“BXS LP selected Bevan Brittan on their market knowledge and experience in completing complex concession agreements between ESCOs and developers. Their insight, advice and flexibility during the COVID-19 global pandemic were essential to reach a successful agreement with Vattenfall Heat UK. Bevan Brittan advised BXS LP to obtain a fair and flexible agreement thanks to their previous experience in supporting both Developers and ESCOs. This agreement is key to enable BXS LP to deliver on its carbon targets and sustainability aspirations with the support of Vattenfall Heat UK.”
