Nelsons has successfully advised Leicester City Council (LCC) on the completion of a sophisticated, multi-stage commercial property transaction – securing a pivotal site for the city’s regeneration under intense time pressure.
This completion marks a major milestone in the regeneration of the Midland Street area, achieving the ultimate vision of delivering a 20,000sq.m office-led commercial complex.
With a hard deadline of the government’s March financial year-end, we executed a series of interconnected legal movements in just six weeks.
This involved managing a strategic land swap with an external company to consolidate the site, followed by an onward sale to Homes England to trigger essential public funding.
The deal is a strategic win for the city, securing one of only two allocated office sites and unlocking government funding for critical public realm improvements. Work can now begin to create a seamless pedestrian link between Leicester Railway Station and the Cultural Quarter, helping to revitalise underutilised land and boost city-wide accessibility.
James Coningsby, Partner in our Commercial Property team, who has led the transaction, said:
“This was a particularly intricate deal involving multiple stakeholders and a layered structure of exchanges and leasebacks. Navigating these complexities within a strict timeline required a proactive and pragmatic approach. Working with Homes England and private entities also required a significant collaboration to ensure the council’s long-term regeneration goals were protected.
“The council’s vision for the Midland Street area is now one step closer to reality, and we are proud to have provided the legal framework to bring this complex piece of the puzzle together.”
We were initially appointed by LCC in late 2024 for a separate Levelling Up scheme. Following that achievement and a successful tender exercise, Brendan McGarry, programme manager at LCC, appointed the firm to lead on this more complex land swap in early 2025.
Speaking about the Midland Street deal, Brendan McGarry said:
“Securing this site was essential. We needed to hold the land to bid for the investment, and this deal enables our planning consent to push forward. Nelsons’ ability to handle the land swap, sale, and lease simultaneously was impressive. The team was approachable and proactive throughout a very difficult six-week period, providing the great response times we needed to get this over the line. I am very impressed by James’ work on this project and grateful for his expertise to closing this deal.”
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