Pictured above: Callum Nuttall, residential
development partner in Gateley's Birmingham office
The corporate and real estate teams in the Birmingham office of
national law firm Gateley have advised on the £49m sale of
the Scottish operations of residential property developer Redrow to
Springfield Properties Plc.
The sale comprises £5 million cash on completion and a
deferred cash consideration of £44 million as developments
are built over the next three years. Redrow's operations in
Scotland consist of 8 sites with planning permission.
Led by Callum Nuttall, partner in Gateley's residential
development team and supported by corporate partners, Katie
Silvester and Tom Durrrant and tax partner, James Gopsill the firm
advised on all aspects of the deal, which will enable the national
housebuilder to meet its strategy of increasing investment in other
areas of the country, particularly London and the South East.
Gateley's residential development and corporate teams are widely
recognised as specialists in their field and represent many of the
UK's major housebuilders. Partner Callum Nuttall commented: "As the
residential development market starts to gather pace our clients
now, more than ever, need robust legal and business guidance to
assist them in developing and investing in areas that will ensure
their businesses are fit for the future.
"We have worked with Redrow for 8 years and have acted for them
in all areas of their residential property development business.
We are delighted to have been involved in such a positive
deal that will provide funds for further investment in Redrow's
other operations."
Graham Cope, legal director for Redrow added: "We chose
Gateley's for their undeniable experience particularly in the area
of residential property development. We find their approach both
responsive and pragmatic with a 'can do' attitude.
"We are pleased to have secured a buyer for our operations in
Scotland following a competitive process that we outlined in our
Interim Management Statement in April. Springfield is a successful
Scottish house builder and the transaction will substantially
increase their presence in the Central Belt. The transaction will
also provide our customers and employees with a good home for the
future, whilst enabling Redrow to increase it's investment in land
in the South East."