Leeds-based law firm Shulmans has completed a multi-million pound deal which paps the way for development of four Grade II-listed canal buildings into luxury housing in Hertfordshire.
The £14m scheme will lead to the development of Bulbourne Yard, a historic complex of former canal lock workshops on the Grand Union Canal in Tring near Hemel Hempstead. The development will see 25 new homes, an office for the Canal & River Trust, and a new footbridge over the canal.
Shulmans was working for Bulbourne Yard Developments, a newly-formed JV between H20 Urban and Patrick Ruddy Homes Limited. H20 itself is a joint venture between bloc Developments and Canal & River Trust, the profits from which go towards funding the repair and upkeep of Britain’s historic canals.
Kate Johnson, Associate in the Shulmans Commercial Property unit, said: “We have a long-standing relationship with H20 Urban and it has been a pleasure to work on this strategically important site alongside our joint venture partner. This was a true team approach with the client and their consultants. In particular, the scheme’s project manager, WT Partnership, were instrumental in providing timely instructions and taking a proactive approach to drive forward the complex documentation required to enable effective delivery of a scheme of this nature. We are so pleased to have played our part in securing a sustainable future for the Grand Union Canal locks by ensuring the considerate conversion of its heritage buildings.”
Nicola Tindale, CEO of H20 Urban, said: “We are delighted to have completed the deal and our thanks go to the team at Shulmans. The development is a great example of how empty listed buildings can be brought back into viable use, and Shulmans has been incredibly proactive in providing invaluable advice and steering us through the complicated legal and commercial issues associated with bringing forward a site of this nature in joint venture.” Construction has now started, with a target completion date of December next year.