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The fields in question were part of a larger 14.6 ha (36 acre) site that had been identified as having some residential potential, but were not allocated for development.

Our team of property development consultants was appointed to carry out due diligence for the client, and consider property sale options including Option and Promotion Agreements.

Proposals were sought from developers/promoters and in the circumstances a Promotion Agreement was considered to align with our client’s objective and deliver best value.

Challenges

The team of expert property development consultants negotiated Promotion Agreement terms with a developer who controlled some adjacent sites.

This included a promoter’s discount and an obligation to market the site for best value once planning was secured.

By liaising closely with the landowner’s solicitor to ensure that all terms were incorporated within the Agreement, including the planning promotion obligations, sales strategy, and the requirement to equalise receipts across the combined land holdings, the development team was able to conclude a deal.

Expertise

  • Developing commercial property
  • Commercial planning advice

Result

Following advice given by the property development team, planning was granted for 230 units to enable targeting marketing to begin.

The team monitored the marketing exercise which resulted in a number of robust offers, and a sale was successfully concluded to Barratt Homes and Wates for circa £26 million.

The proceeds of the sale were shared between the landowners after deductions associated with the planning promotion.

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