Bevan Brittan has advised housing association Peabody on a joint venture that will deliver the next phase of its regeneration masterplan for South Thamesmead in South East London.
Peabody’s 50:50 partnership with Lovell Partnerships will provide 329 mixed-tenure homes in the area, 42 per cent of which will be affordable. Construction is set to begin in early 2024 and is expected to complete in 2027.
South Thamesmead’s second phase follows the completion of neighbouring phase one in late 2022. The initial phase includes 534 new homes, of which 55 per cent are affordable, a new public square, a state-of-the-art library with community facilities, commercial space for shops, services and cafes, and outstanding shared spaces.
Bevan Brittan’s team advised Peabody on all aspects of the transaction, from running the public procurement process to select Lovell from four shortlisted bidders, through to advising on governance, property matters and construction issues in connection with establishing the joint venture.
Andrew Shaw, Partner and joint head of Bevan Brittan’s Housing practice, said: “We’re delighted to have supported the creation of this important joint venture that will breathe new life into South Thamesmead. Not only will it create hundreds of new homes, but it will also ensure the local community has access to high quality facilities.
“We’re very proud of our relationship with Peabody and have worked with them on an array of projects in recent years. The organisation is involved in some fantastic initiatives and we’re pleased to support them every step of the way.”
David Llewellyn, Project Director South Thamesmead at Peabody, said: “We’ve set out an ambitious masterplan for South Thamesmead, as part of our wider work to improve neighbourhoods and create new opportunities across the town.
“The Bevan Brittan team fully understood the objective of the Joint Venture as well as the wider Peabody Group requirements. This proved invaluable in providing the legal advice needed. The great communication and pragmatic approach shown by the Bevan Brittan team allowed difficult decisions to be resolved between the parties in a collaborative and timely way.
“Lovell Partnerships are urban regeneration experts with decades of experience. We look forward to making the most of their expertise as we create this new neighbourhood together.”