Forsters - Industrial Development - Wednesbury, St Paul's Road

Date: 19 Apr 2005

Forsters has acted for long-term client Opus Land to conclude a highly complex site assembly and regeneration project at St Paul's Road, Wednesbury, West Midlands. The deal, which will have an end value of £45 million, took four years to complete owing to the need to bring together numerous landowners, along with complex development and planning requirements.

The site is to be developed as a 450,000 sq ft industrial and distribution park and the development will be undertaken in conjunction with clients of Arlington Property Investors who are providers of funding for the scheme. They are represented by Nabarro Nathanson. The site assembly included the acquisition of a number of owners' interests, including part of the premises occupied for many years by Spear & Jackson, and a land exchange with The Borough Council of Sandwell including the provision of improved sports facilities for Wood Green High School. There are also a number of temporary leasebacks and other arrangements with occupiers.

The deal was complicated by issues such as the construction of a new access road and railway bridge, for which agreements have been entered into with Network Rail, and the need to stop up a public highway and divert footpaths and a flood relief channel. Grant aid for the project is being provided under a grant funding agreement entered into with Advantage West Midlands and The Borough Council of Sandwell (applying ERDF funds).

Richard Smith, director of Opus Land, comments, "This is a very important regeneration project for Sandwell, which was immensely complex and exciting to put together. Forsters did a very good job and deserve considerable credit for their role in making it happen."

Forsters' commercial property partner Martin Halling comments: "This was a tremendously intricate transaction which we have been involved with for four years. It was a cause for great satisfaction for all the Forsters' team to be able to bring all the strands together. This is one of the most interesting projects I've been involved with, battling with complexities in the overall concept as well as the individual elements - the number of unusual issues arising made it a bit like tackling an extended legal exam question with a new twist every few days."

Martin Halling led the Forsters team with Eugene McMahon also handling property issues, partner Sarah Cook looking after construction matters and Eleanor Penn dealing with planning.

Several other law firms were also involved. Tim Herbert-Smith led Nabarro Nathanson's team, backed up by Jeremy Shields on property, Anna Marshall on environment and Christopher Stanwell on planning and others.

Hammonds advised The Borough Council of Sandwell on a range of matters - Katrina Angliss on grant funding, Kevin Parkes and Andrew Bennett on property matters and Martin Walker on planning. Anne O'Meara at Hammonds acted for Advantage West Midlands on grant funding.

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