Land at Wallbridge, Frome
- Client: Private Landowners
- Services Provided:
- Strategic Development Land • Planning Consultancy • Residential Development
The Instruction
Alder King was initially appointed by a consortium of private landowners to advise on an existing option that was due to expire on 50 acres of undeveloped agricultural land. The developer had proposed new terms for a new option.
Our Approach
We reviewed the new terms offered and advised the landowner that we considered better terms could be obtained in the ‘open market’ and that an alternative disposal structure might be appropriate (including a promotion agreement). Based on our recommendations, the land opportunity was duly marketed and we invited proposals for a new option and/or a promotion agreement (and/or any other appropriate deal structure).
We received and analysed proposals and conducted developer interviews, ultimately making recommendations on the appropriate development partner and the commercial terms to be agreed. We negotiated and concluded a promotion agreement with a developer. Alder King’s planning team acted for the developer and landowners in making an outline planning application and securing planning permission.
Outcome
We subsequently marketed the consented land to housebuilders and negotiated and agreed a sale to the top bidder at full development value.
It is estimated that had the landowners entertained the original option extension, their receipt would have been circa £7.5 million. Via the process recommended and implemented, the land was sold for in excess of £20 million.
