Olswang - General - UK, Olswang Helps Kier Become Preferred Developer

Date: 01 Nov 2006

Olswang has acted for Kier Property Developments Ltd (Kier) on its winning competitive pitch to become the preferred developer for a new mixed-use development in Gateshead.

The 5.5 acre GQ2 site is situated next to The Sage Gateshead and Baltic Quays Housing Development on Gateshead Quays. Kier has proposed to develop the currently vacant site into 324 homes, 55,000 sq ft of shops, a hotel, 24,465 sq ft of restaurants and bars, and an eight to 10-screen cinema, alongside 500 car parking spaces. Work is scheduled to start in early 2008.

In just over three years, Kier has become a leading developer having built up a seven million square foot portfolio (at different stages of development) of offices, industrial, retail and mixed-use schemes valued at £700 million. Being selected as the preferred developer ahead of three other companies demonstrates Kier's expertise at developing large mixed use schemes.

Olswang real estate partner, David Saunders, who advised Kier on the selection process, said, "Olswang and Kier have worked together on all manner of commercial and mixed use real estate deals and being chosen as the preferred developer for this project, certainly reflects the quality, enthusiasm and reputation of our client."

Kier is a longstanding client of Olswang and recent deals on which the firm has advised include the £7.2 million sale of two properties at Drakes Meadow Business Park in Swindon to Northridge Capital; the £8.25 million acquisition of Brooklands Industrial Estate and the sale of AMS House to Active Asset Investments Ltd for circa £40 million.

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