Former College of Technology Newport

A developer customer of a Bank obtained planning consent for conversion of this Victorian property to apartments, subject to a Section 106 Agreement. The developer did not meet his repayment covenant and Matthews & Goodman were asked to investigate. It became apparent that, not only was the Section 106 Agreement not agreed, but in the meantime the adjoining site had been compulsorily acquired by the Welsh Assembly Government.

The Section 106 Agreement referred to the position of car parking on the adjacent site, which led us to negotiate on the Bank's behalf with the Bank's customer and the Welsh Assembly. The Bank's customer was able to refinance elsewhere and extinguish the Bank's exposure.