Wallace Advises Martin’s Properties On Its Joint Venture With Black Onyx Group
Wallace Advises Martin’s Properties On Its Joint Venture With Black Onyx Group
The Wallace Corporate team has advised Martin’s Properties on their new Joint Venture with the Black Onyx Group. The Joint Venture, called Obsidian Strategic, has been set-up with substantial funding and plans to build a £100m land portfolio in the next three to five years. Obsidian Strategic is a development and land promotion company. Working collaboratively with landowners, planning authorities and key local stakeholders it will specialise in maximising land value throughout the planning and development process. The focus will be on the delivery of housing and mixed use developments within London and the Home Counties, areas where demand for housing is set to remain strong.
Rex Newman, Managing Partner, Wallace said:
“This was a challenging assignment. We were putting together a long-term joint venture between two experienced companies but where each was bringing different strengths to the table. Getting the balance right was the key objective.”
Trowers & Hamlins acted for Black Onyx.
“We have set-up Obsidian Strategic with a substantial level of funding and a structure that allows us to be extremely agile. We are prepared to take planning and development risk on sites and will be looking at a range of acquisitions outside of Prime Central London, in the surrounding areas and Home Counties, where we are already active.”