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Nabarro advises Hammerson on Watermark WestQuay plans

26 February 2010

Nabarro LLP has advised Hammerson plc, a leading UK real estate company, on the development of its Watermark scheme in Southampton.

The development at Watermark is planned on a four hectare brownfield site, to link into the existing WestQuay Shopping Centre, which Hammerson jointly own with GIC. Hammerson has been granted planning permission by Southampton City Council to build a mixed-use building which will include up to 24,000m2 of retail space, a hotel, 240 residential apartments and leisure facilities.

Nabarro advised Hammerson in relation to the development agreement with the Council after two years of negotiations. As the development is right next to Southampton's ancient City Walls this meant detailed negotiation of provisions to give suitable comfort to the Council but retain sufficient flexibility for the development team.

Nabarro has worked with Hammerson on a number of town centre developments, including Bristol, Leeds, Sheffield and The Oracle, in Reading. The Nabarro team was led by real estate partners Rob Raimes and Simon Staite, assisted by Clare Deanesly (on environmental issues) and real estate associate Will Forrest. Hammonds advised Southampton City Council

Rob Raimes, real estate partner at Nabarro comments:

‘It has been great working on a town centre development with long standing client Hammerson, particularly in a time when little development is being progressed. The negotiations were not straightforward, because the agreement with the Council needs to cater for what are potentially three separate developments. We are delighted to have got through the issues and secured the client's objectives".

If you would like any further information or have any queries please contact:

Rob Raimes
Nabarro Partner
r.raimes@nabarro.com or 020 7524 6491

Jemma Parry
Lansons Communications
Jemmap@lansons.com or 020 7566 9706