National leisure developer, STACK is set to repurpose "the vacant Market Walk shopping centre in Northampton Town Centre" with grant funding investment from West Northamptonshire Council (the "Council").
As part of this development, the Council will support STACK through the Towns Fund which will be coupled with private sector investment of £8 million from STACK. The combined funding will help transform over 100,000 sqft at Market Walk into a unique leisure and entertainment offering.
DWF's multi-disciplinary public sector team advised the Council on the drafting and negotiation of the Grant Funding Agreement, security documents and related agreements which was led by Alex Eaton and Sean Caldwell with close Real Estate support from Lee Pickett and Victoria Green, banking/security advice from Paul Brown as well as subsidy control advice from Jonathan Branton.
Once complete, the repurposed building "will enhance the town’s vibrancy and vitality, supporting both the daytime and night-time economy and complementing the adjacent ongoing transformation of the historic Market Square".
Commenting on the transaction, Kevin Langley, Head of Major Projects and Regeneration at the Council, said:
“We are pleased to be working in collaboration with DWF and their experts in the national Commercial & Public Sector and Public Sector Real Estate teams to bring this exciting project forward. Following the successful acquisition of the site, STACK will now seek the relevant licensing and planning regulations to enable them to bring this vibrant scheme forward and offer something unique for West Northants.”
Lee Pickett, Partner and co-lead of the UK National Public Sector Real Estate Team at DWF, added:
“This was a challenging transaction due to the way arrangements between neighbouring shopping centres had been set up decades ago, but the DWF team acting for the Council worked with STACK's legal team to find solutions so that this important grant funded project could go ahead. The redevelopment will breathe new life into the town centre and we are excited to see the finished product and enjoyed working alongside the Council to get it done.”
