Browne Jacobson advises city council on asset transfer deal

Law firm Browne Jacobson is advising Oxford City Council on boosting its affordable housing stock through a complex asset transfer deal.

The council last week ratified plans to turn 352 properties on the Barton Park development into council homes.

The council’s housing revenue account will be used to buy 168 homes from its OX Place development company for £33.4m, with existing tenancies transferring to council tenancies.

A further 184 homes will be bought directly from developer Vistry Group for £39.7m, using the council’s budget from 2024/25 to 2027/28. These will also be let on secure council tenancies to people on the housing register. 

Browne Jacobson’s team of real estate, construction and tax specialist lawyers is acting for the council in the acquisition of the 168 homes. This involves obtaining landlord consent for leasehold properties, interacting with several estate management companies and project management to complete the transaction efficiently, it said.

Zo Hoida, Partner specialising in regeneration projects for government clients, said: “Delivering regeneration projects in urban areas that also provide sufficient affordable housing to communities is one of the biggest issues in society right now and a key priority for local authorities across the country.

“This major investment by Oxford City Council is therefore a significant statement of intent in increasing its stock of housing for social rent, and we’re proud to be playing a supporting role in overseeing the complex transaction involving the council’s wholly-owned housing subsidiary.”