Speechly Bircham kicks off 2014 with an exciting new project in its Pocket
This article was written prior to the formation of Charles Russell Speechlys, through the merger between Charles Russell and Speechly Bircham.
City law firm Speechly Bircham has been selected by Pocket to advise on its 10 year, multi-million pound plan to transform inner London living for the intermediate market.
Following a landmark pledge from the Mayor of London, Pocket's plan for the intermediate market - those who earn too much to be eligible for social housing but are priced out of the open market - is forging ahead.
With 4,000 homes on offer by 2023, Pocket will help singles and couples on low to moderate incomes move to sought-after central London locations - at an affordable price. To achieve this, the homes will be sold at around 20% less than the market rate, and will only be available to those who earn a household income of less than £66k a year, the threshold set by the Mayor of London in his 'London Plan'.
Speechly Bircham has secured the position of lead legal adviser, and will be advising Pocket on all aspects of their project over the next 10 years. Headed by Robin Grove and Duncan Salmon, both leading partners in the regeneration sector, and spearheaded by senior solicitor Fiona Maslin, Speechly Bircham's team will comprise experts in land acquisition, planning, construction, development sales and finance to offer Pocket a seamless, collaborative service.
Marc Vlessing, CEO at Pocket commented: "With buy-in from the government and a high demand for carefully designed, inner London accommodation, our project is gaining impressive momentum. Speechly Bircham's ability to provide experts for every stage of the project's lifecycle played a big part in their success. We can rest assured knowing that we will receive specialist advice from a team that knows what we're facing, inside and out."
Robin Grove shares his enthusiasm: "I have been working with Pocket for nine years, and am really excited to be appointed as lead legal adviser to support their growing presence in the intermediate housing sector. This appointment not only recognises the strength of Speechly Bircham's regeneration team, it will also showcase our full service capability and the benefits this has in terms of efficiency and peace of mind for the client."