An opportunity to enter into a Promotion Agreement on Land extending to approximately 23.85 acres.
The land is currently unallocated and adjoins housing and a new build development.
The site falls within the planning jurisdiction of Gedling Borough Council.
About this property
Brown & Co have been asked to formally offer this opportunity to enter into a Promotion Agreement on behalf of the Landowner. The opportunity is being sent to a pre-agreed list of Promoter.
Below is a list of headings of certain core principles that will form the basis of any agreement. Please note this list is not exhaustive and other more detailed matters will need to be addressed and agreed upon. However, we set out positions that the Landowners will require within the Promotion Agreement and others that we seek your position upon.
The property extends to approximately 23.85 acres and is currently unallocated. The site falls within the planning jurisdiction of Gedling Borough Council.
We propose the Agreement runs for 5 years with the right for the Promoter to extend for a further 5 years on the service of a Notice.
The Agreement to have a Minimum Land Value per Net Developable Acre including affordable housing plus RPI. The Landowner will be entitled not to accept a sale where the sale price of the land, or a proportion thereof, does not reach the minimum land value. Please propose a minimum land value.
The Promoter will be required to use their reasonable endeavours to maximise the value of the land through the gaining of a Planning Consent but also through minimising costs through planning conditions, Section 106 Agreement, layout and design.
The Promoter will provide updates on their progress throughout the term of the Agreement.
The Promoter will be obliged to seek the Landowners approval, not to be unreasonably withheld or delayed, on any Planning Application that they propose to submit.
To report and seek approval to any fundamental changes to the Application that might occur during its passage through the planning process.
The Promoter will be barred from undertaking the promotion of any other land within the same Planning Authority if that promotion will, in planning terms, be in competition with the subject site.
There will be a cap on planning recovery costs of £400,000 and a cap on appeal costs of £250,000.
The promoter will meet the reasonable fees of the Landowners Agent and Solicitor in the negotiations and production of the Promotion Agreement. These fees will be secured through a Legal Undertaking. The Agents costs will be approximately £15,000 plus VAT. The legal costs are yet to be established.
The promotion fee is non-returnable but is deductible from the sale price and you are invited to submit your proposal for the promotion fee.
Discount to Open Market Value
Please make your proposals for the Discount to Open Market Value that represents the fee that will be raised on the completion of the sale reflecting the percentage success remuneration that will be charged as a consequence of the sale.
Sale and Marketing
The Landowners Agent will conduct the sale and marketing process of the land with the benefit of a Planning Consent and will be responsible for producing and agreeing the marketing strategy to be adopted for the sale of the land. Input and support from the Promoter will be sought and engaged. The marketing process and offers received will be dealt with on an open-book basis between the Landowner and the Promoter.
The above provides a skeleton for the intended Agreement. If any of the above prescribed terms are unacceptable then please submit your alternative proposals within your offer for the Promotion Agreement.
If you have any question or queries relating the Land or the Promotion Agreement please do not hesitate to contact the Landowner's Agent to discuss the opportunity further.
Please submit your proposal to the below contact details by 12.00 noon on Friday 30th September2022:
LANDOWNERS AGENT AND PLANNING CONSULTANT
Brown & Co
5 Oakwood Road
Lincoln, LN6 3LH
T: 01522 457800
Agent: Nick Dawes
M: 07768 465725
Planning Consultant: Steve Catney
M: 07919 694229
To arrange a viewing contact
Brown&CoJHWalter, 5 Oakwood Road, Lincoln, Lincolnshire, LN6 3LH
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