Shulmans has completed the legal work on a £14 million Hertfordshire waterfront development deal.
The Leeds law firm acted on behalf of developer H20 Urban to regenerate the former-industrial site at Batchworth Lock.
H20 Urban is a national joint venture partnership between the Canal & River Trust and specialist partnership developer Bloc. Profits derived from the joint venture partnership go towards helping fund the repair and upkeep of Britain’s historic canals.
The deal is worth £14 million and will see the development of a 92-bed Premier Inn hotel and a new Travis Perkins builders’ merchant and trade counter store.
The complex nature of the transaction meant that the Shulmans legal team handled the site acquisition and forward funding alongside exchanging agreements for lease for the two pre-lets to Travis Perkins and Premier Inn.
Kate Johnson, associate in the Shulmans commercial property unit, led the team, with Jayne Caunce leading on the construction elements.
Johnson said: “We’re delighted to have completed the deal on behalf of H20 Urban, drawing to a close a complex and multi-faceted transaction. The regeneration of under-utilised waterfront sites is the primary focus for H20 Urban, and we’re so pleased to have played a part in the transformation of Batchworth Lock.”
Nicola Tindale, CEO and Founder of H20 Urban, said: “We are thrilled to have completed the Rickmansworth waterfront development deal. The Shulmans team has been incredibly proactive in providing timely and invaluable advice, guiding us through the complicated legal and commercial issues associated with bringing forward the development and funding of a site of this nature.”
Construction at the waterfront development commenced in mid-November, with a target completion date of December 2019.