Global law firm Ashurst has advised long standing client Panattoni on the acquisition and £900m regeneration at the former Honda car manufacturing site in Swindon.
This latest milestone follows on from the same Ashurst team, in March 2021, advising on the successful exchange of contracts for the acquisition of the 370 acre car plant subject to obtaining planning. Following the final agreements and redevelopment plans being formally approved by Swindon Borough Council, regeneration work is now set to commence.
Panattoni is investing £900 million into the site, which will see the creation of 11 net zero carbon buildings, used for manufacturing, logistic warehouses and data centres. The investment will also include improvements to wildlife habitats and biodiversity across the area. The re-development of the site will be a major step in Swindon's rejuvenation following Honda's exit, with the delivery of 7,500 new opportunities in roles which underpin the operation of the local and regional economy.
The multi-disciplinary Ashurst team was led by partner Melanie Jordan, assisted by senior associate Victoria Peverell. Construction advice was provided by partner Ben Patton and senior associate Olivia Barton advised on planning aspects. Partner Simon Swann advised on tax related matters.
Commenting on the landmark transaction, Melanie Jordan said:
"We are thrilled to maintain our longstanding partnership with Panattoni in bringing forth this innovative redevelopment. This fresh location signifies a substantial advancement for the logistic sector in the UK, showcasing Ashurst's position as one of the leading global real estate advisers with unmatched expertise across the entire project lifecycle. Collaborating with the Panattoni team once more has been a great experience, navigating through intricate negotiations to support their strategic development goals during this exciting period."
