Providing instrumental support in the acquisition of a major development site
We were retained by a major PLC housebuilder client to provide advice on the acquisition of a prominent site in West Lothian with a gross land value of circa £7 Million.
The multi-phase acquisition involved:
- Agreeing phased land transfer and security documentation
- Resolving third party occupancy rights
- Variation and discharge of title restrictions
- Negotiating the phasing of abnormal cost deductions
- Negotiating and documenting coverage and revenue overage
We were an integral part of the discussions with both the vendor and their legal team to overcome the practical, legal and administrative challenges created by the location of the site, the termination of third party rights of occupation and the timing of phase acquisition to maintain a viable build programme.
Working cross functionally with our Planning and Construction teams, we negotiated a Section 75 Planning Agreement which dealt with Local Authority requirements for the provision of Affordable Housing and education contributions. The acquisition was carried out simultaneously with the negotiation of two separate contracts with two distinct Registered Social Landlords for the construction and disposal of Affordable Housing Units in satisfaction of the requirements of the Planning Agreement.
Our advice and support on the acquisition of the site for the client meant that a land receipt from the disposal of the first Affordable Housing site would part offset the site acquisition costs as well as satisfy the terms of the Planning Agreement. The agreed structure allowed the prompt construction and disposal of private housing without impediment.