After setting out the options available to the landowner it was agreed we would identify a suitable partner to take the opportunity forward to a planning consent. With a development partner accepted as being appropriate for the opportunity, we agreed terms on a long term Option with premium downpayment and minimum contract price once planning is obtained. The option agreement allowed for the landowner to retain certain parcels which have current commercial value and securing new access arrangements when the whole scheme is planned.
THere is now a scheme in the making for about 500,000 ft² of distribution warehouses. Early discussions with stakeholders has won the appeal of the local authority and markets ensuring that the Option holder will invest the required costs for planning and highway and environment leading to a consent within about two years. All at nil cost to the landowner.
The likely double outcome is a cash sum for the sale of the land and also an enhanced value of the retained commercial and other buildings as a result of new access and the investment to this location.