Wragge & Co advises Development Securities on forward funding agreement

Wragge & Co's Commercial Development and Investment team has advised Development Securities plc on a £50 million forward funding agreement with Scottish Widows Investment Partnership Property Trust. The deal will finance the first phase of Development Securities' speculative Hammersmith Grove development in Hammersmith town centre.

Located next to Hammersmith station and north of the Broadway shopping centre, the 1.5 acre site will be developed into two prime office buildings covering 275,000 sq ft. Construction of phase one, a building at the south of the site, is anticipated to begin later this year for completion in early 2013. This will comprise 110,000 sq ft of office space and 6,000 sq ft of restaurants and cafes.

Real estate chairman Robert Caddick and director Nisha Jassal advised on the transaction, with support from tax partner Lee Nuttall and planning partner Andrew Thomas and solicitor Victoria Longmore. The team worked closely with Development Securities' development director Simon Hesketh and project director Richard McCubbine.

Nisha Jassal said: "With debt finance still in short supply in the market, this forward funding transaction is a crucial catalyst for the redevelopment. Our technical expertise and experience working on significant development projects, combined with a close relationship with the client, enabled us to provide the right commercially-focused solution to secure this agreement."