Our client, a family farming company, owned land on the edge of a town earmarked for possible expansion. We were called in by the company’s land agents to advise on terms proposed by a national housebuilder for an option to acquire the land, involving long term promotion through the plan process.
Our knowledge of similar transactions, and having previously negotiated comparable deals with this housebuilder, enabled us to negotiate added value to the Heads of Terms. This lead to a successful albeit protracted negotiation of an option agreement which ultimately secured a valuable return for our client. The site is now being promoted through the plan process with a reasonable prospect of planning being secured in the short to medium term.