Gowling WLG's real estate team has been appointed as advisers to Southend-on-sea Borough Council on a partnership with Southend United FC.
The partnership will see the delivery of a new stadium for Southend United FC and enable the redevelopment of Roots Hall which will provide the council with 502 new homes for rent.
The stadium at Fossetts Farm would also be enabled by around 800 homes for rent through the agreement with the Borough. There would also be other facilities such as a health centre, convenience store and a community hub at Fossetts Farm.
All the housing delivered with the Council would be for rent including 30% at affordable rent levels. The agreement would also secure an important long-term income for the Council.
The proposals have the provisional backing of Homes England in the form of a significant investment loan to finance infrastructure and fund the stadium construction on the basis that a substantial quantity of new housing will be built. It is proposed that the first phase of the new stadium comprises 14,000 seats.
Describing the project, Cllr Ian Gilbert, leader of the council said: "This is really very significant news for all of us. The Borough needs more affordable rented homes and we have always recognised the importance of the football club to the Borough so this is a win-win situation. I look forward to moving ahead with this and working with the football club on these exciting and transformational plans."
Nick Mumby, real estate partner at Gowling WLG, said: "We are extremely proud to have been appointed as advisers to the council in a deal that will transform the town and provide much needed housing. It has been a privilege to support the Borough and we look forward to seeing it brought to fruition. This opportunity builds on our strong track advising on major build to rent projects".
The successful Gowling WLG team comprised of Richard Beckingsale, Nick Mumby and Chris Nyland.
Gowling WLG is home to one of the UK's largest real estate practices with a team of more than 275 commercially-minded, innovative and pragmatic lawyers.