Fladgate LLP has advised London residential developer Strawberry Star on the acquisition of a 6.9 acre development site in Luton. The site has the benefit of planning permission for a mixed-use scheme, including 685 new homes together with a 200-bedroom hotel, retail and leisure facilities, a medical and wellness centre and public realm improvements.
The scheme forms part of a wider development site close to Luton Airport and has a gross development value of £260m.
Fladgate relationship partner, Marc Sosnow, said “This is a major investment for our client, Strawberry Star, and will be the first step in delivering its vision of building homes at low capital values for first-time buyers. I am pleased that the Fladgate team was able to play an important role in this project. Strawberry Star is well positioned to attract investments from UK and International investors including those from the Middle East and Asia, Singapore and Hong Kong for these types of projects.”
The transaction was led by real estate partner Nick Mumby, assisted by real estate senior associate Rebecca Tavares, planning associate Miles Crawford and construction associate Sasha Pirbhai.