Howard Kennedy has provided legal counsel to GHL (Cheshunt) Limited, a subsidiary of Galliard Homes, regarding the acquisition of a freehold site in Cheshunt from an entity undergoing administration. This purchase forms a key part of a £620 million regeneration project centred on residential development.
The property was marketed by administrators from Kroll, having previously been owned by Cheshunt Lakeside Developments, the parent company of Inland Homes. Inland Homes secured planning consent from Broxbourne Council for the site in 2019 and obtained a £14.25 million mezzanine loan facility from Homes England, active until 21 March 2024, with repayment scheduled by 31 December 2026. Inland Homes later entered administration in September 2023.
Joint administrators Rob Armstrong and Steven Muncaster from Kroll were appointed to oversee Cheshunt Lakeside Developments in October 2023, with Benjamin Wiles stepping in for Muncaster in September 2024. Additionally, Delamare Estate (Cheshunt) and Emira Developments, both subsidiaries, entered administration in November 2023. Kroll’s administrators have been focused on securing the best possible outcome to maximise creditor returns.
The masterplan for the development includes the construction of 1,725 homes, a proportion of which will be designated as affordable housing, alongside 204,514 sq ft of commercial premises and a new primary school.
The due diligence involved was especially complicated by the split of the site into a number of separate group company ownerships, section 5 rights of first refusal, the involvement of administrators, only limited information being provided by the other parties involved and a last minute injunction being obtained by a third party that needed to be resolved pre completion.
David Phillips, Consultant at Howard Kennedy, commented: "This acquisition showcases our expertise in navigating intricate, high-value transactions involving multiple stakeholders. We are proud to have supported GHL (Cheshunt) Limited in unlocking the potential of this strategic site and eagerly anticipate the positive impact of the forthcoming regeneration."
The cross-departmental team was led by: David Phillips, Kate Woodgate, Marissa Scott, Emily Beauchamp, Bhavani Patel, Myles Taaffe, Martin Phillips, Amanda McNeil, Jade Chalmers, Bob Sadler.
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