04 July 2019

£14m historic canal lock development deal completed

We are pleased to report the completion of a multi-million pound deal which will see the development of four Grade II-listed canal buildings into luxury housing in Hertfordshire. The £14 million scheme will lead to the development of Bulbourne Yard, a historic complex of former canal lock workshops on the Grand Union Canal in Tring near Hemel Hempstead. The development will see 25 new premium homes, an office facility for the Canal & River Trust and a new footbridge over the canal to provide access and enhance the amenities.

Shulmans announced the completion on behalf of Bulbourne Yard Developments LLP, a newly formed joint venture between H20 Urban and Patrick Ruddy Homes Limited. H20 itself is a joint venture between bloc Developments and Canal & River Trust, the profits from which go towards funding the repair and upkeep of Britain’s historic canals. The firm was appointed to handle the site acquisition. The property elements of the transaction were led by Kate Johnson, with Corporate Finance Partner Andrew Bradley handling the creation of the new LLP and scheme funding. Associate Jayne Caunce led on the construction aspects, and the Shulmans planning team will be advising on the necessary highways agreements to facilitate the construction of the footbridge.

Kate Johnson said: “We are thrilled to announce the completion of the Bulbourne deal on behalf of our client. We have a long-standing relationship with H20 Urban and it has been a pleasure to work on this strategically important site alongside our joint venture partner. This was a true team approach with the client and their consultants. In particular, the scheme’s project manager, WT Partnership, were instrumental in providing timely instructions and taking a proactive approach to drive forward the complex documentation required to enable effective delivery of a scheme of this nature. We are so pleased to have played our part in securing a sustainable future for the Grand Union Canal locks by ensuring the considerate conversion of its heritage buildings.”

Nicola Tindale, CEO of H20 Urban, said: “We are delighted to have completed the deal and our thanks go to the team at Shulmans. The development is a great example of how empty listed buildings can be brought back into viable use, and Shulmans has been incredibly proactive in providing invaluable advice and steering us through the complicated legal and commercial issues associated with bringing forward a site of this nature in joint venture.”

Construction works have now started, with a target completion date of December 2020.