Davies and Partners Advise on Major Bovis Homes and Riverside Joint Venture
Davies and Partners Solicitors’ specialist Land Acquisition and Disposal Team has advised Bovis Homes on a successful joint venture agreement with The Riverside Group, which will see the development of more than 1,800 new homes at Stanton Cross in Wellingborough.
The 50:50 Joint Venture (JV) will see Bovis Homes’ Northern Home Counties region deliver the homes on behalf of the JV with immediate effect, with delivery of the wider scheme to continue over the next 10 to 15 years. The properties delivered by the JV will be a mix of homes available on the open market and some that will be designated as affordable housing.
Davies and Partners has a long-held national reputation as a leading player in residential land acquisition and development. Bovis Homes has been a client of the Firm for many years and outsourced its entire legal requirements to Davies and Partners in 2017.
Commenting on the JV negotiations, Davies and Partners’ Legal Director David Stokes, said, “Our Land Team together with our Corporate and Commercial Team was able to provide a range of specialist advice to Bovis Homes throughout the highly complicated JV negotiations, which involved several key parties.
This was one of the largest and most complex transactions we have advised on for a client, which will deliver than 3,600 new homes together with leisure, retail and office space, new schools. We were delighted to have been able to support our client successfully through the negotiations.”
Keith Carnegie, chief executive of Bovis Homes’ newly-formed Partnership Housing division, said: “This joint venture has been a long time in the making and is an important milestone in the development of our new Partnership Housing division. We’d like to thank Davies and Partners for their support and expertise in helping to deliver an agreement that will see Bovis Homes and Riverside working closely for many years to come.“