Womble Bond Dickinson Bristol team has advised Bristol & Bath Regional Capital (BBRC) on its plans to create an inclusive housing scheme with the acquisition of 61 homes in the city.
The acquisition was part of a much bigger deal, described as a ‘turning point’ for UK housing, in which a housing association, a community investment company and a private investor have come together to create an inclusive housing scheme and introducing the UK’s first private sector rent-to-buy model.
The new funding partnership comprising United Communities, Bristol City Council, BBRC and the Cheyne Social Property Impact Fund will deliver 161 mixed-tenure homes in Bristol’s Southmead. The 61 homes bought by BBRC will provide ethically rented homes, key worker rented properties and a unique rent-to-buy offering.
The Womble Bond Dickinson team, led by Partner Julian Kinsey, Legal Director Samantha Orluta, Managing Associate Richard Vann Jones and Consultant James Stone, advised BBRC on its acquisition of 61 homes, advising on financing and real estate legal issues.
Julian Kinsey, Partner and Head of Womble Bond Dickinson's Bristol office, commented:
"We're delighted to have advised BBRC on this transaction. There were many complex legal aspects brought by this unique partnership and the rent-to-buy model which is a fairly new initiative, but our real estate and financing expertise coupled with the innovative thinking within our team enabled us to ensure the best possible result for our client."
Ed Rowberry, Chief Executive of BBRC is confident of the Southmead scheme being a “shining example” for other cities, councils, and developers to follow. He added:
"We were very impressed by the quality of the advice received from the Womble Bond Dickinson team. During some very complex negotiations, Womble Bond Dickinson walked us calmly and confidently through these issues to enable this ground-breaking scheme to go forward."
Ranking in the UK's top 20 law firms, Womble Bond Dickinson provides legal expertise in eleven key sectors from across eight offices in the UK and 19 offices in the US. Bristol is the firm's second largest office in the UK, where it employs more than 250 staff.