Global law firm Eversheds has advised UK Regeneration (UKR) on its first acquisition for its innovative private rental model, delivering a 200 home private rental “village” in Lenton in Nottingham.
Eversheds has acted on the pilot scheme for UKR's groundbreaking nationwide private rental initiative: the acquisition of Sandfield House, a five acre site in Lenton Nottingham. The existing office buildings are to be demolished to create a new urban village of 200 high quality residential homes - specifically designed for long term rental.
This innovative approach gives tenants a viable and attractive alternative to the traditional home ownership model, whilst creating a secure long term funding stream for investors. This can be utilised to re-invest- UKR intends for similar projects to be subsequently rolled out nationwide.
Led by Partner Stephen Sorrell, Eversheds have worked with UK Regeneration, and their partner on this key first scheme, Nottingham City Council, from day one, acting on all corporate and real estate aspects for UKR.
Stephen commented:
“These 200 new homes at Sandfields will meet the needs of Lenton and Nottingham , and provide sustainable quality housing for the city. Because these homes will be designed from the outset to be let, not owned, the scheme will capture efficiencies in construction, management and maintenance. We are delighted to be working with UKR on this new way to approach and achieve regeneration.”
Jackie Sadek, CEO at UK Regeneration, said:
”No-one has done it this way before. We’re addressing the housing problem with fresh eyes, starting from scratch. We have been working quietly with Nottingham people, distilling the needs of the communities, interest groups and individuals into a radical solution. Our designs will lift the spirits of all those that live or work in them. UKR developments will stitch parts of our cities back together and --- crucially --- we put community values at the heart of everything we do, which is why the plans have been so well-received in Lenton.”
http://press.eversheds.com/Press-releases/Eversheds-advises-on-first-de…