Press Release: February 01, 2010
Kings Cross Central is Central Londons most significant new development comprising 67 acres of brownfield site with outline planning permission to create 8 million sq. feet of mixed use property including 2,500 new homes (including student housing). The first building will be occupied by University of the Arts London in September 2011, with homes and offices rolling out from 2012. This flagship development is one of the first in the UK to secure reduced carbon emissions through its planning agreement.
Pinsent Masons advised Inexus on the contractual arrangements for its role as the utility infrastructure provider for the development, including structuring the project, contract development and negotiation. Inexus will be responsible for providing electricity, water, wastewater, fibre, gas and district heating networks on the over an estimated 11 year construction period. The total use-of-system revenue is equivalent to 44,000 traditional gas connections across the project.
Simon Hobday was lead partner on the deal, assisted by Toby Kildare, Adam Carney, Natalie Davies, Kevin Boa, Allison Sandle and Melanie Grimmitt.
Chris Mumford, company secretary of Inexus commented "Pinsent Masons focus on the energy sector means the team really understands the industry. They have spread their industry knowledge throughout the firm their lawyers talk our language and know our issues. They provided us with sound advice with a commercial bias which has made the legal side of this transaction more straightforward and ultimately less stressful."
Pinsent Masons partner Simon Hobday, commented: "Inexus is at the forefront of developing energy-efficient, multi-utility schemes that both meet the demands of developers to underscore their environmental credentials, but also provide significant efficiencies of scale compared to single utility providers. Finalising this deal has been a real team effort, bringing together the talents of our lawyers across infrastructure, property, finance and energy."
Lovells advised Argent, which is leading the development of Kings Cross Central.
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