Tuesday 26.02.2008

Halliwells Advises On Multi-million Pound Development in Bury

Law firm, Halliwells has advised Ask Property Developments Ltd on the development and sale agreements with Standard Life Investments' Long Lease Fund for its multi-million pound development in Bury.

Standard Life Investments' Long Lease Fund is to forward fund the first phase of AskBury's multi-million pound Townside development in Bury, Greater Manchester at a cost of approximately £30m. AskBury is a joint venture between Ask Development and Bury Council.

The first phase includes a new state of-the-art 50,000 sq ft primary care centre to be occupied on a 20 year lease by Bury Primary Care Trust and a 40,000 sq ft office to be occupied by Bury Council on a 25 year lease.

The start on site of the PCT building, designed by architects Hurd Rolland, and the office and 380 space multi-storey car park buildings designed by Carey Jones, is due to begin in spring this year.

Halliwells' team was headed by partner and head of real estate, Mike Edge and solicitor Philip Birchall.

The proposals for Townside, located opposite Bury Town Hall, will transform this Gateway site into an £80m mixed commercial and residential area.

In addition to the PCT and Council accommodation, AskBury is currently negotiating two further pre-lets with a hotel operator for a 110-bedroom hotel, and an office occupier.   Both buildings will total around 65,000 sq ft.

Major public landscaping, including a new civic square and new pedestrian connection to link the Scheme to Metrolink are also planned.

The residential element of the Scheme comprises 220 apartments which are planned as part of a future phase and planning permission is expected to be submitted at the end of this month.

King Sturge acted for AskBury and Whitaker Horton represented Standard Life Investments' Long Lease Fund.

Addleshaw Goddard advised Standard Life Investments' Long Lease Fund.

About Halliwells

Halliwells is one of the UK's leading multi-disciplinary law firms with over 1000 people and offices in Manchester, Liverpool, London and Sheffield



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