Law firm Gordons advises on Bradford’s Aspire Citygate regeneration project
Yorkshire law firm Gordons has advised on a property deal which sees Bradford’s Aspire Citygate residential and commercial scheme go ahead after being put on hold for two years due to the recession.
Working closely with Bradford Council, Gordons commercial property partner Nick Chamberlain represented Bradford Trident Trading, a company formed specifically to enable community charity company Bradford Trident to benefit from the sale of land.
Nick and his team advised on Bradford Trident Trading’s sale of the first plot of the scheme on Manchester Road to York-based developer Skelwith Group. The first phase of the project will cost £30m and comprise approximately 224 apartments built in two blocks. Construction of the apartments will start in early 2011 and properties will cost from £50,000.
Vipin Joshi, vice chair and director of Bradford Trident Trading, commented: “The redevelopment and regeneration on Manchester Road is long overdue and Aspire CityGate is a prime example of how, even in these difficult financial times, we are driving projects through.
“Nick and his team at Gordons were fundamental in enabling us to secure the deal on very positive terms. They worked with speed and precision to take us through the sale process and we are now in a position where the capital receipts from this development form part of the succession strategy of Bradford Trident. This will enable the charity to continue to deliver neighbourhood management throughout the Park Lane, Marshfields and West Bowling areas of the city.”
Plot one of the site was transferred to Bradford Trident Trading by Bradford Council as part of a long standing agreement to bring about redevelopment of the site and generate capital for reinvestment in the locality.
Cllr David Green, portfolio holder for regeneration at the Council, said: “We are delighted to see this development proceeding and the confidence shown in the city. The Council has worked hard in partnership with Trident to bring the development to fruition and secure the benefits for the community which will follow.”
Gordons, which has an office in Bradford city centre, has represented Bradford Trident and Bradford Trident Trading for over 10 years assisting in the charity’s regeneration work.
Nick Chamberlain commented: “This is excellent news for Bradford and a real sign of belief in the city. It was a complex deal involving several different parties and tight timescales.
“However, working in close partnership with the charity, its trading company and the council meant we were able to handle the instruction quickly and effectively. We are now looking forward to seeing the start of Aspire Citygate and the delivery of what will be a hugely impressive regeneration project.”