Macfarlanes advises Legal & General on acquisition and forward funding of PRS development site in Southampton
The development is built around Southampton’s city walls and the Bargate, a 12th century gatehouse and is a mixed-use scheme consisting of 519 residentials units across buildings ranging from four to 12-storeys with ancillary commercial and amenity space. The final plan includes a total of 2,515 sqm of retail space, 54 parking spaces and 348 cycle spaces.
The Macfarlanes team was led by real estate partner Anthony Burnett Scott and construction partner Angus Dawson with assistance from real estate solicitors Elizabeth Fielding and Erin Gilliland, and construction solicitor Louisa McMurdo. Tax advice came from senior counsel Kirsten Prichard Jones.
Anthony Burnett Scott comments: “We are pleased to have advised Legal & General on the purchase and forward funding of this fantastic scheme in a challenging economic period.”