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Haworth & Nuttall advise on Keyworker Homes’ £30million project
July 2010
BLACKPOOL-based property developer, Keyworker Homes, will undertake a £30million redevelopment project in Cheshire after buying 6.5 acres of redundant land from the East Cheshire NHS Trust.
The land, known as the Blue Zone, was part of Macclesfield General Hospital, and will be transformed into a mixed use commercial, residential, retail and leisure development. East Lancashire law firm, Haworth & Nuttall advised on the deal.
Keyworker will sell and lease part of the development. The listed building, known as the Clock Tower, has been sold to Dane Housing for a 36-property affordable housing scheme. Keyworker will construct and lease offices to East Cheshire NHS Trust and to the Central and Eastern Cheshire PCT.
Part of the site has also been sold to Cannon Capital Partnership for the construction of a care home. Kids Allowed will also lease a nursery built by Keyworker.
Planning for all aspects of the development has been given the green light and demolition is now under way with the crèche, apartments and commercial units expected to be completed by mid 2011. The further development of retail, open-market housing, coffee shop and gymnasium is expected to be ready by Autumn 2012.
East Lancashire law firm, Haworth & Nuttall, facilitated the complex transaction. Led by partner and head of commercial property, Nicola Phelps, supported throughout by John Riley and Penny Andrews, Haworth & Nuttall advised on the land acquisition, subsequent sales and leases, with corporate partner Roger Bury advising on the finance and security issues.
Eian Bailey, managing director of Keyworker Homes, said: “I am very proud of my company, my team and all our consultants for delivering a flag ship scheme not only for ourselves but also for the residents of Macclesfield, especially during one of the worst financial climates in recent memory.
“At no time has design been compromised due to financial constraints, the listed and historic buildings on site are to be given long lasting and sustainable futures restored to their former glory.
“The people of Macclesfield will particularly benefit from having more affordable housing as well as child and elderly care.
“The contractual mechanics of the site purchase and subsequent transactions were very complex and Haworth & Nuttall did a superb job to ensure all these transactions completed at the same time.”
Nicola Phelps of Haworth & Nuttall, said: “It’s great to see Keyworker Homes committing to such a large and complex project in what are challenging times. The community of Macclesfield will benefit enormously from the scheme.
“The company is a very well run operation and this project will create over 200 jobs. We are seeing signs of a slight recovery in the property market but there is a long way to go.”