Sharpe Pritchard has advised Brentwood Borough Council and its property company, Seven Arches Investments, on a joint venture expected to be worth as much as £1bn over the next 30 years.
The deal with Morgan Sindall Investments is expected to contribute to the creation of new homes, mixed-use developments, public spaces, commercial and leisure facilities on land owned by the council.
The agreement also provides for Brentwood to act as a central purchaser for other Essex authorities looking to partner with the firm and for the council to acquire properties for purposes including affordable housing.
Justin Mendelle, the partner who led the Sharpe Pritchard team on the deal, said: “The council was clear from the outset that it wanted delivery at pace and this was very much achieved. This joint venture can provide a springboard for a host of development opportunities in Brentwood, from residential schemes to a major town centre regeneration.”
Peter Collins, the corporate lead at the firm, said: “The market has matured in the last couple of years and both bidders and public bodies are able to move much more quickly in getting to their desired outcomes, which ultimately involves delivering great schemes for residents.”