Ashfords' banking and finance, real estate, construction and planning teams have successfully advised Fort Bovisand Developments Limited on their project to restore and develop this historic fort in Plymouth, permitting the further provision of beautiful apartments all with wonderful sea views on the spectacular site.
As an ex-Ministry of Defence listed property, finding finance was very challenging. The banking and finance team, led by Ed Hobbs, were involved with negotiating the finance documentation and helping with complex structuring for the company including reorganisation of their group.
The project required further advice from across the firm - real estate partner Rhiannon Morgan-Williams prepared site due diligence and assisted the client with other real estate matters, whilst the construction and planning teams, led by Tilly Traill and Laura Kiy, advised the client on the negotiation of their suite of construction documents, including various planning queries.
Terry Wilson, Director of Fort Bovisand Developments Ltd, said:
"The Board of Fort Bovisand Developments Limited welcomed the efforts of the Ashfords team in helping to finalise the funding package for the construction of Anchorage Apartments and associated facilities. This turned out to be a lengthy and complicated procedure to reach agreement with the funders, with Ashfords assisting in additional areas of the process at short notice. The Board is now pleased that construction can start on this significant phase to make Fort Bovisand an outstanding asset on this beautiful site overlooking Plymouth Sound."
Fort Bovisand was built in around 1845 to defend the entrance to Plymouth Sound. Led by former BBC director general and FA chairman Greg Dyke, Fort Bovisand Developments Limited became involved with the site in 2004.
Banking and finance partner Ed Hobbs said: 'We were delighted to work on this landmark project in such a beautiful part of the world. The breadth of work required to bring this matter to a successful conclusion really demonstrates Ashfords' ability to work on a cross-departmental basis to deliver complex legal projects for great clients like Fort Bovisand Developments Limited.'
For more information, please contact Ed Hobbs or our banking and finance, real estate, construction or planning teams.
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