Asset Management Performance – Sales, Negotiating Option and Promotion Agreements
Hawkspur’s Nick Harper was asked by Birketts solicitors to step in and advise one of its landowner clients (a family trust) in connection with concluding terms with a developer for an option on 15 acres of land in East Anglia. It didn’t take long for Nick to see that the developer had offered option terms which put the landowners at a clear financial disadvantage, potentially by several hundred thousand pounds if the developer purchased the land.
Despite negotiations to correct this, Nick had to advise the family landowners that the land had considerably more appeal and potential than this developer was letting on and so Hawkspur were asked by the landowners to search for a new party. This led to several competitive new offers for option/promotion agreements and to the appointment of a new housebuilder company under an option, which is currently promoting part of the land for about 130 houses, at its own risk and cost.
Nick also identified the potential for a range of traditional buildings to change use to residential and as a result of this, has acted for the same clients in selling these with an adjoining cottage to a property developer. The sale was complicated by having to negotiate the surrender of part of the land from a long term Farm Business Tenancy and the reservation of a utility easement for the client’s land under option, both of which Nick handled for the family.
In conversation with the client, it became clear that their landholdings in the next county also had potential for housing development and Hawkspur was instructed to find a suitable promotion company to progress the planning. A national promoter is now signed up on commercial terms negotiated by Hawkspur and is taking forward promotion of about 14 acres for circa 100-125 homes.
The Client’s was kind enough to say this:
“Nick Harper has been working on behalf of our family Trust on farmland for a few years now, having successfully gained an Option Agreement for one area of land in Suffolk and a Promotion Agreement for a parcel of land in Essex. We have always found him to be professional, friendly and very clear about every detail of any agreements. He is always available and ready to answer any queries we have and to liaise speedily with everyone involved.
More recently he has worked tirelessly to achieve an off-market sale of a farmhouse, buildings and land for us. It has been far from straight forward or speedy for a variety of different reasons. However, throughout this Nick has been “on the case” liaising with a number of agents, solicitors and all involved to successfully get this sale through. Nick’s attention to detail, his instant communication with everyone involved at every stage and his feed back to us has been without fault. We are delighted with the way he operates his business and would highly recommend his services.”
Contact Hawkspur for an overview of your property assets to assess their potential.