Transatlantic law firm, WBD, has advised Wykeland Beal, a joint venture between Wykeland Group and Beal Homes, on a deal for Arco's new £16m headquarters office building at the Fruit Market in Hull to house its 550 staff.
Construction has started on the new offices which are part of the regeneration in the Fruit Market area and the transaction is of strategic importance to the city of Hull. Arco's relocation to their new offices in the Fruit Market will free up their existing Waverley Street site which is due to be acquired by Hull City Council.
The team of lawyers at WBD lead by Patrick Jackson, Managing Associate, Real Estate and including Richard Garner, Associate, Real Estate and Lee Parbery, Managing Associate, Tax, advised Wykeland Beal on the drawdown of the site pursuant to its development agreement with Hull City Council. The site will include not only Arco's new office building but also a 350 space multi storey car park and 34 residential units.
Patrick Jackson of WBD commented:
"We are so pleased to have been part of this transaction, which whilst complex at times as it brought together so many key stakeholders, will facilitate the construction of brand new offices to significantly bolster the already thriving Fruit Market Area."
Jonathan Stubbs, Development Director at Wykeland, commented:
"We are grateful to the team at WBD for their assistance and hard work in bringing this transaction to fruition. It has been a pleasure working with them."
Ranking in the UK's top 20 law firms and by Chambers as a Band 1 firm for National Leaders (Outside London) in real estate, WBD provides legal expertise in eleven key sectors from across eight offices in the UK and 18 offices in the US. The firm's real estate client portfolio in the UK includes a number of national and regional developers and housebuilders.