We acted for a charity entering into a promotion agreement with a promoter for c.100 houses. Under the terms of the agreement the promoter must seek planning permission for development of as much of the land as is possible. Once planning permission is obtained the promoter must seek to sell the land and then the charity and promoter will share in the sale proceeds.
Promotion agreements require collaboration between the landowner and promoter and must allow the landowner to continue to use the land during the term of the promotion agreement without jeopardising the prospects of obtaining planning consent.
As part of the transaction we had to deal with the requirements of the Charity Act for the disposal of charity land.