Wragge & Co's Real Estate team has advised a consortium of developers on a major land purchase earmarked for the development of a new market town in the South West of England.

A team led by partner John Dixon advised Taylor Wimpey, Linden Homes and Bovis Homes on the acquisition of 1,200 acres of land near Plymouth. Planning permission has been granted for the development of the new town of Sherford which, when completed, will contain 5,500 homes, schools, recreational facilities and a place of worship.

John Dixon, who headed the Wragge & Co team, said: "The multiple parties involved and the complex suite of documents made this a particularly challenging assignment. A cross firm team including experts from planning, funding, tax and property finance worked closely with each other, and the wider client team, to bring the deal to a successful conclusion."

Working with John Dixon on the transaction were real estate solicitors Daniel Leather and Dale Roberts, associate Chris Nyland and partner Lee Nuttall from the Tax team, and planning partner Andrew Thomas and director Graham Wrigglesworth.

The project will receive up to £32 million of funding from the government's Homes and Communities Agency (HCA) which assists with the development of key infrastructure including roads. Director Richard Beckingsale advised on HCA funding issues.

Paul Churchouse of Taylor Wimpey said: "This was a highly complex transaction involving a consortium of three developers and numerous land ownership issues. The consolidation of these land owning interests, together with the consortium and funding solutions required was a formidable undertaking for any firm of solicitors. A professional and determined approach was undertaken by Wragge & Co culminating in a successful conclusion of this transaction."

Wragge & Co's 186-lawyer real estate practice offers a full service across the real estate sector. An international team, it acts for a wide range of investors, developers, major corporates, financial institutions, housing associations and local authorities.

2013 highlights include advising regeneration specialist St. Modwen on a £450 million development project at Swansea University, advising Lothbury Property Trust on the acquisition of Manchester's Vantage Point and advising on the £200 million sale of Royal Wharf in London.