Member Article

Muckle advises on major Shieldfield student accommodation project

North East law firm Muckle LLP has advised a regional property and construction company on its latest student accomodation project in Newcastle.

Metnor Group Plc began developing the multi-million pound Turner Court halls of residence at Portland Green, Portland Road in the Shieldfield area of the city in 2011, with work completed in August ready for students returning for the new academic year.

The development is the first phase of the Portland Green student village, which it is hoped will help to regenerate the area and builds on the success of the Winn Studios student accommodation, which was completed by Metnor in 2011 and which Muckle LLP also advised on.

Muckle LLP’s property, construction and banking teams were all involved in the Portland Green project, which was part funded by Bank Leumi.

Will McKay, partner in the real estate team at Muckle LLP, who led on the development explained: “We’ve been working with Metnor for a number of years. This was an interesting development from the perspective that it was done speculatively by Metnor who showed great confidence in the potential of this project. It’s very positive for Newcastle that we have been able to fully let all 275 private student residences.

“The project funding was particularly challenging as the site was developed without the benefit of a nomination agreement with one of the city’s universities and the only pre-let on the building was for a Tesco Metro on the ground floor. We managed to structure a deal around this and the result is that the accommodation is now full of students studying in Newcastle.”

Managing director at Metnor Group Plc, Keith Atkinson, said: “Will and the team at Muckle LLP provided us with an outstanding service, delivering on every aspect of this project under what were particularly complex circumstances.

“As a result of their knowledge, skill and expertise we have delivered another successful property in our portfolio of student accommodation on time, providing those studying in Newcastle with a high standard of living.”

To find out more about Muckle LLP go to the website at www.muckle-llp.com or follow on twitter at @MuckleLLP

This was posted in Bdaily's Members' News section by Muckle LLP .